Banyan Files Annual Financial Statements Monday April 23, 11:44 am ET
LOS ANGELES--(BUSINESS WIRE)--Banyan Corporation (OTCBB:BANY - News), franchisors of nationally branded Chiropractic USA clinics, and owner of Premier Medical Group and Virtual Medical Systems, Inc. (VMS), announced that it has filed its audited annual financial statements for the year ending December 31, 2006. Highlights include an increase in revenue from $1.09 million in 2005 to $5.45 million in 2006, an increase of over 400% as a result of the successful introduction of the VT3000 diagnostic machine and the growth of Premier Medical Group and Virtual Medical Systems. Stockholder equity jumped to a positive $793,498 from a negative $701,513 the prior year. ADVERTISEMENT
Operating subsidiaries Premier Medical Group and Chiropractic USA both posted positive operating incomes.
Banyan CEO, Michael Gelmon states, "I am very pleased to report these record revenues and positive cash flows and I expect that our growth will continue through 2007 and beyond. We remain focused on developing our diagnostic business and especially the huge opportunity for growth with our revolutionary VT3000 Nerve Velocity Testing Machine. In addition, our Chiropractic USA subsidiary and its franchises are already the largest Chiropractic franchise operation in North America."
Based on the above information, the company is forecasting estimated annualized revenue of $7 million for 2007.
For further information, interested parties can access this filing on the EDGAR website.
About Banyan Corporation:
Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiary, Chiropractic USA, Inc. is focusing on the development of branded Chiropractic clinics throughout North America by way of franchising and the use of uniform operating systems and practices. The company's other subsidiaries, Premier Medical Group LLC, and Virtual Medical Systems, Inc., provide diagnostic testing services to physicians nationwide in addition to marketing the VT3000 Electro-diagnostic testing machine.
This Press Release contains or incorporates by reference forward looking statements including certain information with respect to plans and strategies of Banyan Corporation. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes", "suggests", "anticipates", "plans", "expects", and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Banyan Corporation operations that could differ materially from those indicated by such forward looking statements.
Contact: Banyan Corporation, Los Angeles Investor Relations Michael Gelmon, 1-800-808-0899 www.ChiropracticUSA.net
-------------------------------------------------------------------------------- Source: Banyan Corporation
Posted by gumzsa on :
I am suprised no one has posted on this stock. Aren't these great numbers?????????
Posted by THE DUKE on :
Wow , BANY this is great news!! This stock should be soaring today.
Posted by pennys on :
will be soon today
Posted by THE DUKE on :
Man, somebody is unloading bigtime. Posted by superman7 on :
i am buying here
this looks like it wants to run...28 is alomst doen imo
Posted by 1stfidelity on :
order in at .0009...
Posted by THE DUKE on :
Superman, I hope you are right. Here to make money
Posted by 1stfidelity on :
superman has great picks that why I rated him a 5!
Posted by superman7 on :
Thanks 1stfidelity
its starting to get some buys...this will definatly run very soon, s8 is almost dried up imo
.0009(7) by .001(4)
58 mil volume
quote:Originally posted by 1stfidelity: superman has great picks that why I rated him a 5!
Posted by THE DUKE on :
Superman , you must have x-ray eyes on stock picks Posted by superman7 on :
THE DUKE, i wish!! lol
bany dropped down a bit .0008 by .0009
but this one is all about patience imo
once the s8 is done this will rock
and there should be no more s8's till 2010
so this one is getting ready to run for sure
its all about patience with this one
Posted by jdiddy on :
.0008 x .0009
Posted by 1stfidelity on :
I am in at .0009
Posted by jdiddy on :
nice buy at .0009
Posted by superman7 on :
i bought in at .001 but not worried
trying to add at .0008 but no luck yet
Posted by jdiddy on :
9's getting hit - 1 left
Posted by superman7 on :
bany back to .001 on the ask..maybe our run is starting...still take alto of volume to move it, so maybe its not ready yet, not sure we will see i guess
Posted by jdiddy on :
.001 up on the ask
Posted by 1stfidelity on :
superman whats target here in your opinion?
Posted by 1stfidelity on :
target on this one????
Posted by jdiddy on :
9's going down again - 2MM's left
Posted by jdiddy on :
what jacko is selling at .0008...lol
Posted by InToMakeMoney on :
Any one know why it is not moving up. Looks like a very good news in that PR
Posted by 1stfidelity on :
I bought in today! This will be a runner.....
Posted by 1stfidelity on :
This should run......
Posted by dallenp89 on :
quote:Originally posted by 1stfidelity: target on this one????
I fully expected .0012 to .0014 yesterday. No idea what the hesitation is here. Maybe today is the day?
Posted by 1stfidelity on :
I hope so! Lets see today....
Posted by pennys on :
big move today coming
Posted by 1stfidelity on :
I am ready!
Posted by dallenp89 on :
Well if the bashing on IHUB is any indication. This should do something soon. Let's hope it goes north Posted by 1stfidelity on :
hahaha Yeah they are killing this over there! I was laughing at that,this morning...
Posted by dallenp89 on :
The .0009 is steady as she goes so far. volume volume volume!
Posted by 1stfidelity on :
Go convince them over at IHUB to buy some shares...
Posted by dallenp89 on :
quote:Originally posted by 1stfidelity: Go convince them over at IHUB to buy some shares...
Lol! IHUB is the reason I joined this board. Less crap more DD. I am not a member of IHUB.
Posted by 1stfidelity on :
lol
Posted by dallenp89 on :
Is anyone being filled at .0008? I see a few but I thought there would be more.
Posted by 1stfidelity on :
tomorrow I will grab some more at .0008, I will let you know if I get filled...
Posted by 1stfidelity on :
Is today our day?
Posted by jdiddy on :
we need to see some volume here
Posted by 1stfidelity on :
trying to grab some .0008's no luck yet...
Posted by Jo4321 on :
Got a little more at .0008 to add to my shares that I paid .0018 for
Flipped this in January from .0024 to .0042, hope for a similar play.
Jo
Posted by 1stfidelity on :
I am expecting a run up for sure!
Posted by 1stfidelity on :
cant grab a share at 8!
Posted by jdiddy on :
smack that ask!!
IMO we need some hits on the ask to get this train rolling
Posted by dallenp89 on :
I miss one day on this and they post financials. Oh well looks like it didn't change much. Still problems filling at .0008 I see. .0009 will have to do...wheee!
Posted by Persia on :
Will keep trying for .0008 until some news comes out.
Posted by 1stfidelity on :
same here, tried yesterday couldnt grab one share at 8....
Posted by 1stfidelity on :
persia you in at 8?
Posted by Persia on :
not yet
Posted by 1stfidelity on :
me either.. Thnks
Posted by jdiddy on :
you guys getting filled at 8 by now right?
Posted by 1stfidelity on :
Had a order in all mroning and yesterday havent filled 1 share at .0008! Tough to grab it at that level!
Posted by dallenp89 on :
HEY! on the bright side. The .0008 to .0009 yoyo is a constant. I feel like that is a good thing. One of these hops it's gonna go over .0009 ...wheee!
Posted by 1stfidelity on :
lets see what happens today....
Posted by 1stfidelity on :
This one has been quiet....
Posted by dallenp89 on :
I think we need some news now. This cooled off too quick. At least the .0009's are still there.
Posted by 1stfidelity on :
okay I bought at .0009, do I sell and leave? Anyone with info please fill me in... Thanks
Posted by 1stfidelity on :
revs up 400%, you would think the next earnings PR will be HUGE!!
Posted by 1stfidelity on :
Is today our day? Posted by pennys on :
i think so very near. i will buy today again.
Posted by jdiddy on :
nice 8 million share buy went through Posted by 1stfidelity on :
very quick uptick.... Lets move BANY!
Posted by jdiddy on :
too slow for me....im out
Posted by Jo4321 on :
News....
Banyan Corp's Premier Medical Group Recognized as Nation's Leading Electro Diagnostic Testing Centers
Last update: 5/3/2007 8:00:12 AM
LOS ANGELES, May 03, 2007 (BUSINESS WIRE) --
Banyan Corporation (BANY), franchisors of nationally branded Chiropractic USA clinics, and owner of Premier Medical Group and Virtual Medical Systems, Inc. (VMS), announced that its subsidiary, Premier Medical Group has added 75 new physician groups able offer its unique testing services. This would increase Premier Medical Groups physician data-base to over 4300 in number.
Michael Gelmon, Banyan CEO, speaking to analysts said that these new physicians, who signed on to Premier's system between January 1st and April 30th, 2007 would add an additional $725,000 in annual revenue. This will allow us to revise upward our estimated yearly revenue to approximately $7.5 million.
"These additional physicians, utilizing both our VMS and Premier services, consolidate our position as one of the largest electro diagnostic testing companies in the United States. Banyan continues to outperform our early estimates."
About Banyan Corporation: Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiary, Chiropractic USA, Inc. is focusing on the development of branded Chiropractic clinics throughout North America by way of franchising and the use of uniform operating systems and practices. The company's other subsidiaries, Premier Medical Group LLC, and Virtual Medical Systems, Inc., provide diagnostic testing services to physicians nationwide in addition to marketing the VT3000 Electro-diagnostic testing machine.
Posted by 1stfidelity on :
Very Nice!
Posted by TopRob on :
Ready for a bottom bounce. It look like .0006 may be the bottom, so it's only up from here.
Posted by JimSC on :
0.0006 X 0.0007
Is this the bottom for this POS?
Just added some at 0.0007.
Posted by TopRob on :
Closed at +14% (.0008) Could be headed up.
Posted by superman7 on :
huge buys .0008 is falling!!
this could be the next PXIT type runner imo!!
Posted by JimSC on :
It's a good gamble at this level.
Posted by superman7 on :
now 4 on the bid at .0007..this one is really getting ready imo!
.0007(4) by .0008(5)
Posted by TopRob on :
Several huge trades at .0006, must be dilution.
Posted by pennys on :
no , going up soon
Posted by TopRob on :
BANY going down.
.0004 x .0005
Posted by Jo4321 on :
It's the "Bany" of my existence. Posted by dallenp89 on :
Form 10QSB for BANYAN CORP /OR/
21-May-2007
Quarterly Report
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Plan of Operation for 2007
Our operating activities have not yet generated a positive cash flow. We expect that they will generate a positive cash flow by the end of 2007 and that our recently acquired diagnostic testing business will generate a positive cash flow.
In the fourth quarter of 2006, we entered into an agreement that has to date provided $1,960,000 from the sale of convertible notes to an investment group. Early in 2006, we entered into an agreement that provided $3,000,000 from the sale of convertible notes to an investment group. The proceeds were used to acquire our diagnostic testing business and as working capital for operating expenses and accounts payable. In 2004 and 2005, we were provided $3,000,000 from the sale of convertible notes to this investment group, $1,200,000 in 2004 and $1,800,000 in 2005.
As of May 18, 2007, the investment group has converted all $1,200,000 of the notes issued in 2004 and $497,329 of the notes issued in 2005 to stock, and $781,211 of the notes issued in 2006 to stock. The aggregate outstanding principal amount of the remaining convertible notes was $5,231,460 as of May 18, 2007, including the outstanding notes issued in 2005 and thereafter. We believe without assurance that the investment group will continue to convert the rest of the notes to stock. However, the rate of conversion has slowed as a result of the decrease in our stock price, to which the rate of conversion is tied. All of the remaining debt may not be converted when the remaining convertible notes begin to come due December 31, 2008. We intend to refinance, extend or otherwise restructure this debt before it becomes due. In the event we are unable to do so, we may have to file for protection under the federal bankruptcy laws and we may be unable to continue in operation as a going concern. We were recently able to extend the due date for all of the convertible notes that would have become due in February and May 2007 to December 31, 2008.
Revenue has risen with the advent of our diagnostic testing business to supplement our franchise business. However, it is likely that additional liquidity and capital resources will be necessary to defray our ongoing expenses.
In 2005 we formed a joint venture with a diagnostic testing business and acquired the stock and customer base of another diagnostic testing business from the owners for $700,000 that we transferred to our joint venture. During the first quarter of 2006, we acquired all of the diagnostic testing business that is now operated as a wholly owned subsidiary. The acquisition has increased the number of employees by forty-three. Since then our diagnostic testing business expanded again through acquisition of the customer base of a two additional diagnostic testing businesses.
In conjunction with the acquisition of the diagnostic testing business in the first quarter of 2006, we acquired manufacturing and marketing rights to a new diagnostic testing device that has FDA pre-marketing approval. During the latter half of 2006, the first period in which we had revenue from sales of our new device, there were more than sixty sales for revenue of $353,827. During the first quarter of 2007, there were more than ten sales for revenue of $69,900. We are developing an outside sales force of medical equipment distributors.
We have fifty-five franchised locations, a decrease of forty percent from last year as a result of the conclusion or our arrangement with Team WLP and the loss of its endorsement. No new locations have been added since the end of 2006.
Effective December 31, 2004 we disposed of the former Company-owned chiropractic clinics in Louisiana. Under deferred payment terms of a note due in 2014 issued by the purchaser, we expect to receive more than $100,000 in principal and interest for 2007 and each year during the remaining term of the note. These clinics also signed franchise agreements that generate significant royalties.
Our plan of operation for the remainder of fiscal 2007 is as follows:
To develop the diagnostic testing business that has generated a positive cash flow;
To increase sales of our diagnostic testing machine;
To increase the number of franchises by direct marketing of franchises and recruiting area developers;
To increase fees and royalty income from existing and new franchises; and,
To obtain additional debt and equity financing.
To date our operations have not been self-sustaining. Our independent registered public accounting firm issued a report to the effect that certain conditions raise substantial doubt about our ability to continue as a going concern because we incurred net losses during 2006 and had a working capital deficiency at year end. We continue to have net losses. Should we be unable to implement our plan of operation, our expansion plans may be curtailed, and we may not be able to continue in operations.
Financial condition at March 31, 2006 and 2007
March 31, 2007. Stockholders' equity was $971,042 and we had working capital of $244,621. Principal sources of liquidity in 2007 included net proceeds of $800,000 equity from the sale of convertible notes and $1,383,679 in revenue from operations.
March 31, 2006. Stockholders' equity was $1,280,243 and working capital deficiency was $1,733,166. Principal sources of liquidity in 2006 included the sale of $2,150,000 in convertible notes and $1,317,967 in revenue from operations.
Results of operation - Three Months Ended March 31, 2006 and 2007
Loss from operations increased to $385,226 in 2007 from income of $37,621 in 2006.
Revenue increased to $1,436,274 in 2007 from $1,317,967 in 2006. The diagnostic testing business produced $282,319 of the increase. Revenue from franchised operations decreased to $103,691 in 2007 from $267,703 in 2006 as a result of franchise terminations, decreased collections from franchisees, and the absence of sales of new franchises.
Selling, general and administrative expenses increased to $1,815,245 in 2007 from $1,259,676 in 2006 as a result of an increase in the number of employees due to the acquisition of the diagnostic testing business and increased legal and accounting fees resulting from the acquisition. Management compensation decreased from $216,250 in 2006 to $179,957 in 2007. Stock compensation decreased from $402,180 in 2006 to $20,509 in 2007.
We also incurred interest expense of $1,034,716 mainly from the issuance of additional convertible notes and the conversion of convertible notes. Giving effect to interest expense, overall net loss decreased from $1,010,534 in 2006 to $1,634,349 in 2007.
Posted by trade4food on :
Doesn't look to promising. Forced to be extremely patient (end of 2007) to possibly see any green. Who knows where the bottom will be by then. What a huge log this is turning out to be.
Posted by TopRob on :
It may still go up, but I had all I can take on this one.
Posted by pennys on :
Big move coming. Take a close look!!!
Posted by TopRob on :
quote:Originally posted by pennys: Big move coming. Take a close look!!!
Look at what?
Posted by Jo4321 on :
Banyan Reports Gain at Premier MedicalLast
update: 6/11/2007 8:00:05 AM LOS ANGELES, Jun 11, 2007 (BUSINESS WIRE) -- Banyan Corporation (BANY), franchisors of nationally branded Chiropractic USA clinics, and owner of Premier Medical Group and Virtual Medical Systems, Inc. (VMS), announced that its subsidiary, Premier Medical Group has reported a significant 11.5% increase in the number of tests comparing May 2007 with May 2006.
Michael Gelmon, Banyan CEO, speaking to analysts said that the exceptional progress reported by Premier puts the company on target to reach the projected $7.5 million in revenue.
"The progressive growth in our testing services conducted by both VMS and Premier continue a positive trend anticipated by management. Premier Medical Group continues to lead the nation in electro diagnostic testing."
About Banyan Corporation: Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses. Currently the company's subsidiary, Chiropractic USA, Inc. is focusing on the development of branded Chiropractic clinics throughout North America by way of franchising and the use of uniform operating systems and practices. The company's other subsidiaries, Premier Medical Group LLC, and Virtual Medical Systems, Inc., provide diagnostic testing services to physicians nationwide in addition to marketing the VT3000 Electro-diagnostic testing machine.
This Press Release contains or incorporates by reference forward looking statements including certain information with respect to plans and strategies of Banyan Corporation. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes", "suggests", "anticipates", "plans", "expects", and similar expressions are intended to identify forward looking statements. There are a number of events or actual results of Banyan Corporation operations that could differ materially from those indicated by such forward looking statements. SOURCE: Banyan Corporation Banyan Corporation, Los AngelesInvestor Relations:Michael Gelmon, 1-800-808-0899Copyright Business Wire
Posted by pennys on :
(thanks to *Mag* for the heads up)
Posted by TopRob on :
I had high hopes for this one, but now it's an official POS. I bailed on this one. An increase O/S or a R/S alone is reason to bailed, but these turkeys are doing both. 1) Increase OS from 5B to 40B. 2) R/S 1:100. If the pps is already poor with 5B O/S, imagine what 20B or 30B would do. This has now turned into one big scam.
From the DEF 14A:
Proposal 2. Approval of Second Amendment to the Restated Articles of Incorporation with Amendments to increase our authorized common stock to forty billion (40,000,000,000) shares.
Our Board of Directors approved an amendment to our articles of incorporation to increase our authorized capital to forty billion (40,000,000,000) shares of common stock and one billion (1,000,000,000) shares of preferred stock. The full text of the Second Amendment to Restated Articles of Incorporation with Amendments is attached to this proxy statement as Exhibit A.
Reasons for proposal
Our Board of Directors believes that the amendment is in the best interests of our shareholders and us. We have almost exhausted our authorized capital. On the record date we had five billion (5,000,000,000) shares of common stock issued and outstanding. We believe that after the increase is approved, we will have a sufficient number of authorized shares to meet our obligations to issue additional shares and for future contingencies.
Proposal 3. Approval of Third Amendment to Restated Articles of Incorporation with Amendments to approve a one for one hundred reverse stock split .
General
Our Board of Directors has unanimously adopted a resolution approving the Third Amendment to the Restated and Amended Articles of Incorporation with Amendments to effect a one-for-one hundred reverse split of our outstanding common stock without affecting the number of authorized shares of common stock. The full text of the Third Amendment to Restated Articles of Incorporation with Amendments is attached to this proxy statement as Exhibit B.
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