SEC Comment Letter for BANYAN — Oct 24, 2005
BANYAN CORP /OR/ (CIK 0001086473)
Date: Oct. 24, 2005 · CIK: 0001086473 · Accession: 0000000000-05-054071
AI Filing Summary & Sentiment
File numbers found in text: 000-26065
Letter
Via Facsimile and U.S. Mail October 7, 2005 Mr. Cory S. Gelmon President and Chief Financial Officer, Banyan Corporation Suite 500, 1925 Century Park East Los Angeles, CA 90067
Re: Banyan Corporation Form 10-KSB for Fiscal Year Ended December 31, 2004 Form 10-QSB for Quarterly Period Ended March 31, 2005 Form 10-QSB for Quarterly Period Ended June 30, 2005 File No. 000-26065
Dear Mr. Gelmon:
We have reviewed your September 23, 2005 response and have the following comments. Where indicated, we think you should revise your document in response to these comments as well as for the adjustments you have discussed in your response. If you disagree, we will consider your explanation as to why our comment is inapplicable or a revision is necessary. Please be as detailed as necessary in your explanation. After reviewing this information, we may raise additional comments.
Form 10-KSB for Fiscal Year Ended December 31, 2004
Consolidated Statements of Cash Flows, page F-6
1. Please revise your Consolidated Statements of Cash Flows to comply with paragraph 28 of SFAS 95, Statement of Cash Flow, which requires "adjusting net income of a business enterprise" to arrive at "net cash provided by operating activities." 2. We believe that SFAS 95, Statement of Cash Flows, does not support aggregating cash flows from discontinued operations attributable to operating, investing, and financing activities into one line item, as you have presented. Rather, the manner of presenting the Statement of Cash Flows must comply with the basic disclosure requirement in paragraph 26 of SFAS 95 that all cash flows be reported as either operating, investing, or financing activities. Accordingly, if you retain your current format of reporting cash flows related to discontinued operations, you should expand the single-line display to separately show the amounts attributable to each cash flow category. Other variations in reporting cash flows that we believe are consistent with SFAS 95 include showing the cash flows generated from discontinued operations combined with the cash flows from continuing operations within each of the appropriate categories, or separately identifying the cash flows related to discontinued operations within each category.
* * * *
Please amend your Form 10-KSB for the Fiscal Year Ended December 31, 2004 and your Forms 10-Q for the Quarterly Periods Ended March 31, 2005 and June 30, 2005 within 10 business days or tell us when you will provide us with an amendment. You may wish to provide us with marked copies of the amendment to expedite our review. Please understand that we may have additional comments after reviewing your amendment.
You may contact Todd Sherman, Staff Accountant, at 202-551- or Kevin Woody, Branch Chief, at 202-551-3629 if you have questions regarding the comment. In this regard, do not hesitate to contact me, at (202) 551-3679.
Sincerely,
Jim B. Rosenberg
Senior Assistant Chief Accountant
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<DOCUMENT>
<TYPE>LETTER
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<TEXT>
Mail Stop 6010
Via Facsimile and U.S. Mail
October 7, 2005
Mr. Cory S. Gelmon
President and Chief Financial Officer,
Banyan Corporation
Suite 500, 1925 Century Park East
Los Angeles, CA 90067
Re: Banyan Corporation
Form 10-KSB for Fiscal Year Ended December 31, 2004
Form 10-QSB for Quarterly Period Ended
March
31, 2005
Form 10-QSB for Quarterly Period Ended June 30, 2005
File No. 000-26065
Dear Mr. Gelmon:
We have reviewed your September 23, 2005 response and have
the
following comments. Where indicated, we think you should revise
your
document in response to these comments as well as for the
adjustments
you have discussed in your response. If you disagree, we will
consider your explanation as to why our comment is inapplicable or
a
revision is necessary. Please be as detailed as necessary in your
explanation. After reviewing this information, we may raise
additional comments.
Form 10-KSB for Fiscal Year Ended December 31, 2004
Consolidated Statements of Cash Flows, page F-6
1. Please revise your Consolidated Statements of Cash Flows to
comply
with paragraph 28 of SFAS 95, Statement of Cash Flow, which
requires
"adjusting net income of a business enterprise" to arrive at "net
cash provided by operating activities."
2. We believe that SFAS 95, Statement of Cash Flows, does not
support
aggregating cash flows from discontinued operations attributable
to
operating, investing, and financing activities into one line item,
as
you have presented. Rather, the manner of presenting the
Statement
of Cash Flows must comply with the basic disclosure requirement in
paragraph 26 of SFAS 95 that all cash flows be reported as either
operating, investing, or financing activities. Accordingly, if
you
retain your current format of reporting cash flows related to
discontinued operations, you should expand the single-line display
to
separately show the amounts attributable to each cash flow
category.
Other variations in reporting cash flows that we believe are
consistent with SFAS 95 include showing the cash flows generated
from
discontinued operations combined with the cash flows from
continuing
operations within each of the appropriate categories, or
separately
identifying the cash flows related to discontinued operations
within
each category.
* * * *
Please amend your Form 10-KSB for the Fiscal Year Ended
December 31, 2004 and your Forms 10-Q for the Quarterly Periods
Ended
March 31, 2005 and June 30, 2005 within 10 business days or tell
us
when you will provide us with an amendment. You may wish to
provide
us with marked copies of the amendment to expedite our review.
Please understand that we may have additional comments after
reviewing your amendment.
You may contact Todd Sherman, Staff Accountant, at 202-551-
3665
or Kevin Woody, Branch Chief, at 202-551-3629 if you have
questions
regarding the comment. In this regard, do not hesitate to contact
me, at (202) 551-3679.
Sincerely,
Jim B. Rosenberg
Senior Assistant Chief Accountant
??
??
??
??
Cory S. Gelmon
Banyan Corporation
October 7, 2005
Page 2
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