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Prospector
Profile
3-29-004
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| Wave Systems Corporation |
NAICS |
541511 |
| 480 Pleasant Street,
Lee, MA 01238 |
Description |
Custom Software Programming |
| (413) 243-1600 |
Employees |
117 |
| http://www.wavesys.com/ |
Revenue |
(mil) |
6.3100 |
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Income |
(mil) |
-19.9500 |
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Assets |
(mil) |
6.0400 |
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Liability |
(mil) |
3.5400 |
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(for the year ended 2007-12-31) |
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Category:
Audit Concerns
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Event:
KPMG LLP raised substantial doubt about the ability of Wave Systems Corp. to continue as a going concern after it audited the Company's financial statements for the year ended December 31, 2007. The auditor pointed to the Company's recurring losses from operations and accumulated deficit. The Company posted a net loss of $19,951,551 on net revenue of $6,306,960 for the year ended December 31, 2007, as compared with a net loss of $18,785,273 on net revenue of $3,116,381 in the prior year. At December 31, 2007, the Company's balance sheet showed $6,037,856 in total assets, $3,542,345 in total liabilities and $2,495,511 in stockholders' equity.
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Intellectual Property:
The Company has been issued 11 United States patents relating to encryption and to the proprietary EMBASSY and Wave Commerce technology. It also has 8 patents pending before the United States Patent Office. In addition, it has 2 foreign patents and 29 pending foreign patent applications. The Company relies on trade secrets and proprietary know-how, which it protects, in part, by confidentiality agreements with its employees and contract partners. The Company also relies on copyright law to prevent the unauthorized duplication of our software and hardware products. The Company has registered trademark and service mark registrations with the United States Patent and Trademark Office for the marks WaveMeter and WaveNet, EMBASSY, Second Shift (the Wave juggler logo), WaveDirect and Charity Wave. [SEC Filing 10-K 03-17-08]
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Description:
Wave Systems Corporation develops, produces, and markets products for hardware-based digital security, including security applications and services in the United States.
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Officers:
John E. Bagalay, Jr. (Chair); Steven K. Sprague (Pres., CEO & Dir.); Gerard T. Feeney (SVP-Finance & Admin, CFO & Sec.); George Gilder (Dir.); John E. McConnaughy, Jr. (Dir.); Nolan Bushnell (Dir.)
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Auditor:
KPMG LLP
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Securities:
Common Stock-Symbol WAVX; NasdaqGM;
52,917,827 common shares outstanding as March 5, 2008.
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