OTC Bulletin Board

S & P Company Insight for MATECH CORP CL A
 
 Profile

 
Business Summary: MATECH Corporation engages in the research and development of metal fatigue detection, measurement, and monitoring technologies in the United States and internationally. The company develops devices and systems that indicate the true status of fatigue damage in a metal component.
 
Address
  11661 San Vicente Boulevard
  Suite 707
  Los Angeles , CA 90049
  Phone: 310-208-5589
  Fax: 310-473-3177
  Website: http://www.mtipm.com
Auditor
  Gruber & Company
Transfer Agent
  Interwest Transfer Co. Inc.
Employees:  8
ShareHolders:  1728
Founded:  1997
Domicile:  Delaware
 
  
 
 Background

 
MATECH Corporation engages in the research and development of metal fatigue detection, measurement, and monitoring technologies in the United States and internationally. The company develops devices and systems that indicate the true status of fatigue damage in a metal component. It produces Fatigue Fuse, a device that integrates the effect of fatigue loading in a structural member. The Fatigue Fuse is designed to be affixed to a structure to give warnings at pre-selected percentages of the fatigue life that has been used up. It also develops Electrochemical Fatigue Sensor, an instrument that detects very small growing fatigue cracks in metals. MATECH Corporation's technology is applicable to various market sectors, such as bridges and aerospace, as well as ships, cranes, railways, power plants, nuclear facilities, chemical plants, mining equipment, piping systems, and heavy iron. The company was formerly known as Material Technologies, Inc and changed its name to MATECH Corporation in October 2008. MATECH Corporation was founded in 1983 and is based in Los Angeles, California.
History:  INCORPORATED in Delaware Mar. 4, 1997. The company is the successor to the business of Material Technology, Inc., a Delaware corporation. Material Technology, Inc. was the successor to the business of Tensiodyne Corporation, which began developing the fatigue fuse in 1983. Name changed from Material Technologies, Inc. to Matech Corp. Oct. 3, 2008.
 
Subsidiaries:
Matech Aerospace, Inc.
Matech International, Inc.
 
 
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2008  17
  2007  84
  2006  3
 
Research and Development Expenditures, thousand. US Dollars
  Year  Amount
  2008  528
  2007  3,702
  2006  3,071
 
  
 
 Management

 

Management
OfficersPosition
 Robert M. BernsteinPresident, Chief Financial Officer, Chief Accounting Officer, Chief Executive Officer & Co-Chairman
 Anthony J. CataldoCo-Chairman
 Robert M. BersteinChief Executive Officer
 Marybeth Miceli NewtonChief Operating Officer

Directors
 William I. Berks
 Robert M. Bernstein
 Anthony J. Cataldo
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  20082007
REVENUES
Revenue from Bridge Testing92,622201,917
Others10,000-
Total Revenues102,622201,917
EXPENSES
Bridge Testing Costs(73,257)-
Research and Development(527,833)(3,701,966)
General and Administrative(27,582,716)(98,557,944)
Interest Expense(2,905,684)(2,374,032)
Interest Income16,17460,179
Net Unrealized and Realized Loss of Marketable Securities-(3,986,553)
Change in Fair Value of Derivative and Warrant Liabilities(196,565,984)34,962,616
Gain/loss on Modification of Convertible Debt(964,730)-
Loss on Shareholders Settlement Relating to Failure to Register Common Shares(39,407,196)-
Earnings before Taxes(267,908,608)(73,395,776)
TAXES AND OTHER EXPENSES
Provision for Income Tax(800)(800)
Net Income (Loss)(267,909,408)(73,396,576)
SUPPLEMENTARY INFO
Operating Income (Loss)(28,081,184.00)(102,057,992.00)
Basic Eps-continuing Operations(39.44)(681.44)
Diluted Eps-continuing Operations(39.44)(681.44)
 
Balance Sheet
  20082007
CURRENT ASSETS
Cash and Cash Equivalents176,345809,710
Investment in Certificate of Deposits and Commercial Paper-1,009,267
Marketable Securities Held for Trading-300,000
Accounts Receivables41,961108,661
Inventories141,34162,216
Prepaid Expenses and Other Current Assets359,22747,692
Total Current Assets718,8742,337,546
NON CURRENT ASSETS
Property and Equipment, net78,60182,546
Intangible Assets, Net1,7642,840
Deposits2,3482,348
Total Assets801,5872,425,280
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses670,207599,619
Current Portion of Research and Development Sponsorship Payable25,00025,000
Notes and Accrued Interest Payable299,54266,761
Current Portion of Convertible Debentures and Accrued Interest Payable, Net of Discount1,859,325-
Deferred Revenue-related Party90,000-
Current Portion of Payable Due on Legal Settlement54,033-
Total Current Liabilities2,998,107691,380
NON CURRENT LIABILITIES
Notes Payable-long-term-213,508
Convertible Debentures and Accrued Interest Payable335,8341,981,194
Minority Interest825825
Preferred Stock Convertible11
Preferred Stock Convertible4955
Legal Settlenent Payable155,978480,000
Payable on Research and Development Sponsorship778,549760,650
Derivative and Warrant Liabilities210,497,56810,113,923
SHAREHOLDERS' EQUITY
Common Stock-par Value24,390126
Common Stock-par Value600600
Additional Paid in Capital367,125,760301,474,560
Treasury Stock-common(8,274)(93,133)
Deficit Accumulated during the Development Stage(581,117,824)(313,208,416)
Warrants Subscribed10,00010,000
Total Shareholders Equity(213,965,280)(11,816,200)
Total Liabilities & Shareholders Equity801,5872,425,280
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2009   1150,000
  2009   250,000
  2008   1Nil
  2008   2Nil
  2008   330,000
  2008   470,000
  2008   Full Year 100,000
  2007   140,000
  2007   220,000
  2007   310,000
  2007   460,000
  2007   Full Year 200,000
  2006   130,000
  2006   2Nil
  2006   3Nil
  2006   4130,000
  2006   Full Year 156,150,000
  2005   120,000
  2005   220,000
  2005   320,000
  2005   480,000
  2005   Full Year 140,000
  2004   170,000
  2004   330,000
  2004   450,000
  2004   Full Year 150,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2009   1(121,200,000)
  2009   222,020,000
  2008   1(12,290,000)
  2008   2(12,100,000)
  2008   371,290,000
  2008   4(248,570,000)
  2008   Full Year (267,910,000)
  2007   1(4,860,000)
  2007   2(23,340,000)
  2007   3(31,200,000)
  2007   410,940,000
  2007   Full Year (73,400,000)
  2006   1(3,830,000)
  2006   2(380,000)
  2006   3(2,380,000)
  2006   Full Year (11,575,200)
  2005   1(1,680,000)
  2005   2(590,000)
  2005   3(9,200,000)
  2005   Full Year (20,749,300)
  2004   3(4,200,000)
  2004   Full Year (25,495,300)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2009   1(4.39)
  2009   2.70
  2008   1(90.00)
  2008   2(80.00)
  2008   3406.80
  2008   4(9.31)
  2008   Full Year (39.44)
  2007   1(60.00)
  2007   2(230.00)
  2007   3(250.00)
  2007   490.00
  2007   Full Year (680.00)
  2006   1(#######)
  2006   2Nil
  2006   3(10.00)
  2006   Full Year (#######)
  2005   1(#######)
  2005   2(#######)
  2005   3(#######)
  2005   Full Year (#######)
  2004   3(#######)
  2004   Full Year (#######)
 
  
 
 Stock Data

 
 
Capitalization as of 03/31/2009:
 
 Authorized SharesOutstanding Shares
Class D Preferred $0.001 par20,000,000None
Class A Preferred $0.001 par350,000337so2
Class B Preferred $0.001 par15None
Class E Preferred $0.001 par60,00049,250so4
Class A Common $0.001 par1,699,400,00030,821,673so5
Class B Common $0.001 par600,000600,000so6
Class C Preferred $0.001 par25,000,0001,517so7
 
LONG TERM DEBT: $562,767.
 
Class A Common $0.001 par
 
Stockholders:  12/31/2008, 1728.
Transfer Agent:  Interwest Transfer Co. Inc.   Salt Lake City , UT
 
OTC Bulletin Board( Primary): MTCH
 
ExchangeYearHighLow
OTC Bulletin Board20083.94001.0100
OTC Bulletin Board20073.70000.3900
OTC Bulletin Board2006105.10503.0000
OTC Bulletin Board20052.48000.1500
OTC Bulletin Board20043.55001.7500
OTC Bulletin Board20032.75001.7500
OTC Bulletin Board20020.30000.0150
 
RECENT DIVIDENDS: Class A Common $0.001 par: No cash. Class A Common reverse split 1-for-1,000, Sept. 24, 2003.
 
 
  so2Liquidation preference, $720 per share. Convertible into Common at $0.72 per share.
  so4Closely held; no liquidation preference; convertible into Common under specified conditions.
  so5Excl. 25,448 in treas.; and 76,569,169 held in escrow.
  so6Closely held.
  so7Liquidation preference, $0.001 per share. Convertible into Common on a 300-to-1 basis.