SEC Company Response from Fit For Business International Inc (CIK 0001312623) — Oct 19, 2005
Fit For Business International Inc (CIK 0001312623)
Date: Oct. 19, 2005 · CIK: 0001312623 · Accession: 0001269678-05-000202
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File numbers found in text: 333-122176
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October 19, 2005
Jay Ingram, Esq.
United States Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: Fit For Business International, Inc. ("FFB")
Registration Statement on Form SB-2
File No. 333-122176
Dear Mr. Ingram:
We have reviewed your October 12, 2005 letter and have the following responses:
General
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1. We note your revisions in response to our prior comments 6 and 7. We
are not looking for a Rule 144 analysis as it pertains to future
resales of the referenced securities but, instead, are seeking an
analysis as to how the prior sales meet the conditions of Rule 144.
Revise or advise. In the alternative, explain why Rule 144 does not
apply. We may have further comment. Disclose the date each sale was
made by Ft. Street Equity to each individual.
ANSWER: In Amendment No. 6 to Form SB-2, we have provided a Rule 144 analysis as
to how the prior sales by Fort Street Equity have met the conditions of Rule 144
(except for certain option sales by Fort Street Equity). We have also provided a
Regulation S analysis since the Fort Street transactions were offshore resales
undertaken by a person other than the issuer, a distributor or their affiliates.
We have also provided a Rule 144 analysis for Mark A. Poulsen and Mark A.
Poulsen & Associates Pty Ltd. In addition, in the Stock Options section on Page
57, we have added the dates that each option sale was made by Fort Street
Equity.
Management's Discussion and Analysis of Plan of Operation, page 17
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Liquidity and Capital Resources, page 22
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2. On page 23 you state, "[a]s of August 25, 2005, there have been no
modifications to the second extension agreement to the License
agreement, or changes in any of its terms." Revise to update this
disclosure as of the most recent date practicable.
ANSWER: In Amendment No. 6 to Form SB-2, we have updated this disclosure as of
October 14, 2005.
Financial Statements, page F-3
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3. Revise to describe the nature of the restatements, made in the
amended financial statements as of June 30, 2005, and their effect on
net loss and net loss per share as required by paragraph 37 of APB
20. Disclose on the face of the financial statements that they have
been restated. The auditor should refer to the restatement in its
report as indicated by AU Section 561.06a. Please advise your
independent accountant to revise its report to reference the error
correction made to the audited 2005 financial statements.
ANSWER: The nature of the correction to the restated financial statements and
effect on the net (loss), comprehensive net (loss) and (loss) per share - basic
and diluted, are described in Note 3 to the financial statements. The financial
statements have each been marked as restated. The opinion of the independent
auditor has been amended to provide a paragraph describing the correction for
2005.
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Exhibits
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4. Please revise the legality opinion to also opine upon the shares to
be issued by the company in this offering. Currently the legality
opinion states that the shares to be sold by the selling shareholders
are legally issues, fully paid and non-assessable.
ANSWER: In Amendment No. 6 to Form SB-2, we have revised the legality opinion to
also opine upon the shares to be issued by the company in the offering.
Very truly yours,
ANSLOW & JACLIN, LLP
BY: /s/ ANSLOW & JACLIN, LLP
ANSLOW & JACLIN, LLP
RIA/
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