OTC Bulletin Board

S & P Company Insight for VERUTEK TECHNOLOGIES
 
 Profile

 
Business Summary: VeruTEK Technologies, Inc., through its VeruTEK Technologies, Inc. subsidiary, provides environmental remediation technical and consulting services. The company has developed new clean and green technologies that make use of food-grade surfactants and food additives to remove contaminants.
 
Address
  65 West Dudley Town Rd.
  Suite 100
  Bloomfield , CT 06002
  Phone: 860-242-9800
  Fax: 860-242-9899
  Website: http://www.verutek.com
Auditor
  Manning Elliott
  Vancouver   Canada
Transfer Agent
  Island Stock Transfer
Employees:  12
ShareHolders:  136
Founded:  2004
Domicile:  Nevada
 
  
 
 Background

 
VeruTEK Technologies, Inc., through its VeruTEK Technologies, Inc. subsidiary, develops alternative technologies for environmental remediation. Its technologies are designed to achieve complete or near-complete cleanup of contaminated soils using an environmentally friendly approach. The company has developed new clean and green technologies to address soil, water and soil gas contamination without risk to humans or the environment. Its green solutions use plant-derived natural surfactants to remediate subsurface soil contamination as well as soil contamination at greater depths. The company intends to apply its patent-pending technologies to the following areas: remediation of contaminated sites; the sale of green chemicals; licensing of its proprietary technology; laboratory services; and consulting services. Initially, the company expects to derive the majority of its revenues from in-place remediation work (cleanup of soils, sediments, and groundwater) at contaminated commercial/industrial and government sites, as opposed to the traditional dig/haul/landfill process involving costly removal of large quantities of contaminated soil. In the area of green chemical development, the company has developed the VeruSOL line of green, biodegradable environmental cleaning solutions that it will market as earth-friendly solutions for the environmental market. The company expects to apply its laboratory services to high-end and specialty analysis of pollutants. By combining surfactant and oxidant chemistries, the company has developed a controlled dissolution and desorption process with concomitant biological or chemical destruction processes. The company expects to replace generic site remedies with so-called designer surfactant/oxidation combinations that are environmentally safe and non-intrusive to the surrounding community. Its Surfactant-Enhanced In Situ Chemical Oxiation (S-ISCO) technology treats soil contamination in-place, and can target contamination deep in the subsurface of soils. Testing of its S-ISCO technology was successful in treating a specific contaminated site in laboratory testing, and in a field test, successfully treated contaminants such as tar saturated soils beneath buildings and other potential obstructions. VeruTEK distributes its products through two channels: direct marketing, and through environmental consulting firms. It will also continue to patent site-specific remedies for system and license upgrades.
History:  INCORPORATED in Nevada Feb. 3, 2004 as Streamscape Minerals, Inc. Name changed to VeruTEK Technologies, Inc. Apr. 25, 2007. May 9, 2007, acquired all of the 21,430 issued and outstanding shares of VeruTEK Technologies, Inc. (VeruTEK-Delaware) in exchange for 16,684,112 shares of the company's Common. Concurrent with the acquisition, the company issued $1,685,000 in convertible notes and warrants. VeruTEK-Delaware was incorporated on Feb. 1, 2006.
 
Subsidiaries:
VeruTEK Technologies, Inc. (Delaware)
 
 
 
 
  
 
 Management

 

Management
OfficersPosition
 Douglas K. AndersonChairman
 John  CollinsPresident & Chief Executive Officer
 Michael  VagniniSR VP, Chief Accounting Officer & Chief Financial Officer
 Jim  CariniInvestor Relations Contact

Directors
 Mark S. Ain
 Douglas K. Anderson
 John  Collins
 Carlos P. Naudon
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  20072006
Net revenues$616,331$1,650,143
Costs and expenses:
Cost of revenues1,101,3032,313,609
Selling, general and administration2,679,316361,298
Research and development167,6183,178,805
Interest expense677,35922,580
Derivative instrument expense1,878,767-
Total costs and expenses6,504,3635,876,292
Loss before income taxes(5,888,032)(4,226,149)
Provision for income taxes--
Net loss $(5,888,032)$(4,226,149)
Avge. shs18,818,13014,255,067
Net loss per share - basic and diluted $(0.31)$(0.30)
 
Balance Sheet
  2007
ASSETS
Current assets:
Cash$1,182,875
Accounts receivable126,043
Other current assets60,590
Total current assets1,369,508
Property and equipment, net321,756
Other assets, net85,583
Total assets$1,776,847
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Current portion of long-term debt$68,504
Accounts payable206,730
Accrued payroll and benefits198,500
Due to officers / directors600,000
Derivative instrument liability2,167,000
Other current liabilities359,957
Total current liabilities3,600,691
Convertible notes , net1,366,140
Long-term debt, less current portion18,365
Total liabilities4,985,196
Stockholders' equity (deficiency):
Common stock, $.001 par value21,305
Additional paid-in capital6,884,527
Accumulated deficit(10,114,181)
Total stockholders' equity (deficiency)(3,208,349)
Total liabilities and stockholders' equity (deficiency)$1,776,847
 
  
 
 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
  2008   1160,000
  2008   2110,000
  2008   3180,000
  2007   3110,000
  2007   450,000
  2007   Full Year 620,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2008   1560,000
  2008   2(730,000)
  2008   3(1,140,000)
  2007   3(1,220,000)
  2007   4(890,000)
  2007   Full Year (5,890,000)
  2006   Full Year (4,610,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2008   1.02
  2008   2(.03)
  2008   3(.04)
  2007   3(.06)
  2007   4(.04)
  2007   Full Year (.31)
  2006   Full Year (.30)
 
  
 
 Stock Data

 
 
Capitalization as of 06/30/2008:
 
 Authorized SharesOutstanding Shares
Preferred $0.001 par10,000,000None
Common $0.001 par150,000,00027,019,278
 
LONG TERM DEBT: $15,846.
 
Common $0.001 par
 
INVESTMENT UNITS SOLD PRIVATELY: October 17, 2007, the company completed a private placement of 1,373,334 investment units at $1.50 per investment unit. Each investment unit was comprised of one Common share, a five-year warrant to buy one Common share at $1.80 per share, and a five-year warrant to buy one Common share at $2.10 per share. Net proceeds from the offering totaled apx. $1.9 million.
 
Stockholders:  01/15/2008, 136.
PRINCIPAL STOCKHOLDERS: January 15, 2008, George Hoag owned or controlled 45.5% of the Common, John Collins 15.5%, Nite Capital, L.P. 9.2%, and Peter Perakos 7.9%.
 
Transfer Agent:  Island Stock Transfer   St. Petersburg , FL
 
OTC Bulletin Board( Primary): VTKT
 
ExchangeYearHighLow
OTC Bulletin Board20085.00000.2000
OTC Bulletin Board200715.00001.0000
 
DIVIDENDS: Common $0.001 par: None.