COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: BANYAN CORP files Form 10QSB, Quarterly Report of Financial Condition
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2006
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission File Number 0-26065
BANYAN CORPORATION (Exact Name of Registrant as Specified in Its Charter) Oregon 84-1346327 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.)
1925 Century Park East, Suite 500, Los Angeles 90067 (Address of Principal Executive Offices) (Zip Code)
Issuer’s Telephone Number, including Area Code: (800) 808-0899
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report.
Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
484,281,357 (Number of shares of common stock outstanding as of November 10, 2006)
BANYAN CORPORATION
TABLE OF CONTENTS FORM 10-QSB
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
Condensed consolidated balance sheet as of September 30, 2006 3
Condensed consolidated statements of operations for the three and nine months ended September 30, 2006 and 2005 4
Condensed consolidated statement of stockholders’ equity for the nine months ended September 30, 2006 5
Condensed consolidated statements of cash flows for the nine months ended September 30, 2006 and 2005 6
Notes to condensed consolidated financial statements 7 - 13
Item 2 Management’s discussion and analysis of financial condition and results of operations 14 - 15
Item 3 Controls and procedures 16
PART II OTHER INFORMATION
Item 1 Legal Proceedings 16
Item 6 Exhibits 16
2
BANYAN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 2006 (UNAUDITED) (Expressed in US Dollars) ASSETS
Current assets: Cash and cash equivalents $ 112,292 Accounts receivable 1,993,576 Prepaid expenses 69,908 Current portion of note receivable 69,408
Total current assets 2,245,184
Note receivable 680,289 Property and equipment, net 122,017 Intangible Asset - customer list, net 606,667 Deferred finance fees, net (Note 6) 108,598 Goodwill (Note 5) 2,086,611 Other assets, net 18,825
$ 5,868,191
LIABILITIES
Current liabilities: Accounts payable and accrued liabilities $ 750,376 Accrued interest 403,439 Other liabilities 195,186 Debt settlement 385,778 Current portion of convertible note (Note 6) 1,231,452 Current portion of obligations under capital lease 8,357 Notes payable Related parties 227,184 Others 1,468,840
Total current liabilities 4,670,612
Convertible notes (Note 6) 530,461 Obligations under capital lease 48,751
5,249,824
Stockholders' equity (Notes 5, 6, 7, 9 and 11) Preferred stock; no par value; 1,000,000,000 shares authorized - Common stock; no par value; 5,000,000,000 shares authorized; 363,281,357 shares issued and outstanding 20,142,285 Deferred compensation costs (21,300 ) Accumulated deficit (19,502,618 )
posted
it may come down a little, before going up.. i agree with will. its not the best oppty right now, compared to others, daily chart has a little to give imo. one to watch next week imo..
news could throw it for a loop though, in a good way.. interesting one..
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