SEC Comment Letter for Flux Power Holdings, Inc. (FLUX) (CIK 0001083743) (FLUX) — Jun 13, 2008
Flux Power Holdings, Inc. (FLUX) (CIK 0001083743)
Date: June 13, 2008 · CIK: 0001083743 · Accession: 0000000000-08-029714
AI Filing Summary & Sentiment
Reasoning
Letter
UNITED STATES SECURITIES ANDEXCHANGE COMMISSION WASHINGTON, D.C.20549 DIVISION OF CORPORATION FINANCE MailStop3561 January29,2007 Mr.MichaelTimms CEO,President andChainnan MultiTechInternational Corp. 4/95SalmonStreetPortMelbourne, Victoria, Australia, 3207 Re:MultiTechInternational Corp. Schedule 14CdatedJanuary 4,2007 FiledJanuary 12,2007 FileNo.0-25909 DearMr.Timms: Wehavecompleted apreliminary readingofyourinformation statement. Itappearsthat yourdocument failsinnumerous materialrespectstocomplywiththerequirements oftheSecurities Exchange Actof1934,therulesandregulations underthatAct,andtherequirements oftheform. Forthisreason,wewillnotperformadetailedexamination oftheinformation statement, andwe willnotissuedetailedcomments untilthesematerialdeficiencies areaddressed, becausetodoso woulddelaythereviewofotherdisclosure documents thatdonotappeartocontaincomparable deficiencies. . Comment LetterdatedAugust8,2006 1.Ourrecordsdonotindicatethatyouhaveresponded toourletterofAugust8,2006. Pleasereviseyourdocuments inresponse tothesecomments orprovidedetailedwritten explanations ofyourbasisforconcluding thatnorevisions arenecessary. Pleasesubmit acoverletterthatindicates howandwhereyouhaveresponded toeachcomment and provides anyrequested information .. Reviewed Financial Statements, pageF-20 2.Pleaserevisetoincludethereviewreportprepared bytheindependent accountant, or revisetoeliminate anyreference tothefinancial statements beingreviewed. Independent Auditors' Report,pageFF-2 3.Thestatement onpage2indicating thatthetransaction withRockbury "willnotbe consummated untilthecompletion ofanauditofRockbury Properties Limitedbyan auditorwhichisapproved bytheCompany" suggests thattheauditofRockbury's financial statements maynotbecomplete. Pleasenotethatthestaffwillnotreviewthe
Mr.MichaelTimms MultiTechInternational Corp. January29,2007 Page2 Information Statement iffinancial statements thatarerequiredtobeauditedareactually unaudited. Pleaseconfirmtothestaffthattheauditofthesefinancial statements is complete andexplainthemeaningofthequotedstatement. 4.Thefinancial statements ofaforeigntargetthatareincluded inaninformation statement arerequiredtobeauditedinaccordance withPublicCompany Accounting Oversight BoardStandards. PleaseexplainthereasonsthattheopinionofAshingsLimitedonthe financial statements ofRockbury Properties doesnotstatethattheirauditwasconducted inaccordance withstandards ofthePublicCompany Accounting Oversight Board (UnitedStates)anddoesnotcoverthefootnotes tothefinancial statements (i.e.,onpage 7)orreviseasappropriate. ClosingComments Aslongasitremainsinitscurrentform,wewillnotrecommend mailingoftheinformation statement ..Also,notethatshouldtheinformation statement bemailedinitspresentform,wewould berequiredtoconsiderwhatrecommendation, ifany,weshouldmaketotheCommission. We suggestthatyouconsidersubmitting asubstantive amendment tocorrectthedeficiencies ora requestforwithdrawal ofthefiling. Weurgeallpersonswhoareresponsible fortheaccuracy andadequacy ofthedisclosure inthefilingsreviewed bythestafftobecertainthattheyhaveprovided allinformation investors require. Sincethecompany anditsmanagement areinpossession ofallfactsrelatingtoa company's disclosure, theyareresponsible fortheaccuracy andadequacy ofthedisclosures they havemade. YoumaycontactMaureen Bauer,StaffAccountant, at(202)551-3237 orCarltonTartar, Assistant ChiefAccountant, at(202)551-3387 ifyouhavequestions. Sincerely, ~/lli. TiaJe"ns SeniorAssistant ChiefAccountant OfficeofEmerging Growth Companies Cc:StevenCzarnick, Esq. Fax:212-937-3870
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UNITED STATES SECURITIES ANDEXCHANGE COMMISSION WASHINGTON, D.C.20549 DIVISION OF CORPORATION FINANCE MailStop3561 January29,2007 Mr.MichaelTimms CEO,President andChainnan MultiTechInternational Corp. 4/95SalmonStreetPortMelbourne, Victoria, Australia, 3207 Re:MultiTechInternational Corp. Schedule 14CdatedJanuary 4,2007 FiledJanuary 12,2007 FileNo.0-25909 DearMr.Timms: Wehavecompleted apreliminary readingofyourinformation statement. Itappearsthat yourdocument failsinnumerous materialrespectstocomplywiththerequirements oftheSecurities Exchange Actof1934,therulesandregulations underthatAct,andtherequirements oftheform. Forthisreason,wewillnotperformadetailedexamination oftheinformation statement, andwe willnotissuedetailedcomments untilthesematerialdeficiencies areaddressed, becausetodoso woulddelaythereviewofotherdisclosure documents thatdonotappeartocontaincomparable deficiencies. . Comment LetterdatedAugust8,2006 1.Ourrecordsdonotindicatethatyouhaveresponded toourletterofAugust8,2006. Pleasereviseyourdocuments inresponse tothesecomments orprovidedetailedwritten explanations ofyourbasisforconcluding thatnorevisions arenecessary. Pleasesubmit acoverletterthatindicates howandwhereyouhaveresponded toeachcomment and provides anyrequested information .. Reviewed Financial Statements, pageF-20 2.Pleaserevisetoincludethereviewreportprepared bytheindependent accountant, or revisetoeliminate anyreference tothefinancial statements beingreviewed. Independent Auditors' Report,pageFF-2 3.Thestatement onpage2indicating thatthetransaction withRockbury "willnotbe consummated untilthecompletion ofanauditofRockbury Properties Limitedbyan auditorwhichisapproved bytheCompany" suggests thattheauditofRockbury's financial statements maynotbecomplete. Pleasenotethatthestaffwillnotreviewthe Mr.MichaelTimms MultiTechInternational Corp. January29,2007 Page2 Information Statement iffinancial statements thatarerequiredtobeauditedareactually unaudited. Pleaseconfirmtothestaffthattheauditofthesefinancial statements is complete andexplainthemeaningofthequotedstatement. 4.Thefinancial statements ofaforeigntargetthatareincluded inaninformation statement arerequiredtobeauditedinaccordance withPublicCompany Accounting Oversight BoardStandards. PleaseexplainthereasonsthattheopinionofAshingsLimitedonthe financial statements ofRockbury Properties doesnotstatethattheirauditwasconducted inaccordance withstandards ofthePublicCompany Accounting Oversight Board (UnitedStates)anddoesnotcoverthefootnotes tothefinancial statements (i.e.,onpage 7)orreviseasappropriate. ClosingComments Aslongasitremainsinitscurrentform,wewillnotrecommend mailingoftheinformation statement ..Also,notethatshouldtheinformation statement bemailedinitspresentform,wewould berequiredtoconsiderwhatrecommendation, ifany,weshouldmaketotheCommission. We suggestthatyouconsidersubmitting asubstantive amendment tocorrectthedeficiencies ora requestforwithdrawal ofthefiling. Weurgeallpersonswhoareresponsible fortheaccuracy andadequacy ofthedisclosure inthefilingsreviewed bythestafftobecertainthattheyhaveprovided allinformation investors require. Sincethecompany anditsmanagement areinpossession ofallfactsrelatingtoa company's disclosure, theyareresponsible fortheaccuracy andadequacy ofthedisclosures they havemade. YoumaycontactMaureen Bauer,StaffAccountant, at(202)551-3237 orCarltonTartar, Assistant ChiefAccountant, at(202)551-3387 ifyouhavequestions. Sincerely, ~/lli. TiaJe"ns SeniorAssistant ChiefAccountant OfficeofEmerging Growth Companies Cc:StevenCzarnick, Esq. Fax:212-937-3870