0000000000-05-023825.txt : 20110427 0000000000-05-023825.hdr.sgml : 20110427 20050513175055 ACCESSION NUMBER: 0000000000-05-023825 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20050513 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: B Green Innovations, Inc. CENTRAL INDEX KEY: 0001307969 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 201862731 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 750 HIGHWAY 34 CITY: MATAWAN STATE: NJ ZIP: 07747 BUSINESS PHONE: 732-441-7700 MAIL ADDRESS: STREET 1: 750 HIGHWAY 34 CITY: MATAWAN STATE: NJ ZIP: 07747 FORMER COMPANY: FORMER CONFORMED NAME: iVoice Technology, Inc. DATE OF NAME CHANGE: 20041104 PUBLIC REFERENCE ACCESSION NUMBER: 0000922423-05-000569 LETTER 1 filename1.txt Mail Stop 4-6 May 13, 2005 Mr. Jerome R. Mahoney Chairman of the Board iVoice Technology, Inc. 750 Highway 34 Matawan, New Jersey 07747 Re: iVoice Technology, Inc. Amendment No. 2 to Registration Statement on Form SB-2 File No. 333-120490 Dear Mr. Mahoney: We have reviewed your amended filing and have the following comments. General 1. We note your response to our prior comment no. 23. Please file an amended facing page to your registration statement to register your additional shares. In addition, we note that the first paragraph of the front cover of your prospectus states that up to 10,000,000 shares will be distributed as well as your disclosure throughout your prospectus that approximately 10,000,000 shares will be distributed. Please reconcile or otherwise explain why your disclosure is sufficient. We further note your 100,000-for-one stock split as discussed on page 5. Please explain how your stock split is affected by the additional shares registered. Please also advise whether you plan to provide the distribution ratio prior to effectiveness as well as why more specific numbers cannot be obtained once you have obtained the holders` list. 2. In light of the termination of your equity line of credit and your convertible debentures, please advise us of your intent with respect to your registration statement on Form SB-2, File No. 333-120608. Risk Factors iVoice Technology has in the past and may in the future sell..., pp. 14-15 3. We note your revised risk factor and your statement that as of the date of your registration statement, you have no outstanding convertible debentures. Immediately following your statement, you disclose your $190,000 promissory note which is convertible to Class A common stock. Please clarify your disclosure. Management`s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations for the Year Ended December 31, 2004 as Compared with the Year Ended December 31, 2003, pp. 31-32 4. Please elaborate on your disclosure regarding the $882,042 of interest and financing costs. You state that such amount resulted primarily from debt conversion discounts on the issuance of the $560,000 in secured convertible debentures. However, as disclosed elsewhere in your prospectus, fees with respect to the debentures were 10% of the principal amount or $56,000. Please elaborate on the debt conversion discounts. We further note that a significant portion of iVoice`s interest expense was allocated to you "as a result of the funding for the loss from operations." Please quantify the allocated amount and further explain your statement. Liquidity and Capital Resources, pp. 32-35 5. Please disclose the price upon which Class B common stock will be exchanged for your obligations under Mr. Mahoney`s employment agreement. iVoice Technology`s Management Employment Agreements, pp. 45-47 6. Please disclose the authority under which Mr. Mahoney would be required to recuse himself from any discussions or vote regarding any potential termination of him. Federal Income Tax Consequences of the Distribution 7. Please consider including an example of the possible tax consequences to assist in your disclosure. Changes in Accountants 8. Item 304(a)(1)(iv)(A) of Regulation S-B requires you to disclose whether during the two most recent fiscal years and any subsequent interim period through the date of dismissal there were any disagreements, resolved or not, with the former accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreement(s), if not resolved to the satisfaction of the former accountant, would have caused it to make reference to the subject matter of the disagreement(s) in connection with its reports. Please revise. 9. Please file a currently dated letter from your former accountants stating whether they agree with your Item 304 disclosures, or the extent to which they do not agree. Refer to Item 304(a)(3) of Regulation S-B. The letter should be filed as Exhibit 16 to your amended registration statement. * * * * As appropriate, please amend your registration statement in response to these comments. You may wish to provide us with marked copies of the amendment to expedite our review. Please furnish a cover letter with your amendment that keys your responses to our comments and provides any requested supplemental information. Detailed cover letters greatly facilitate our review. Please understand that we may have additional comments after reviewing your amendment and responses to our comments. You may contact Maureen Bauer at (202) 942-1824, or Tia Jenkins at (202) 942-1902, if you have questions or comments on the financial statements and related matters. Please contact Daniel Lee at (202) 942-1871 with any other questions. If you need further assistance, you may contact me at (202) 942-1818 or Barbara Jacobs, Assistant Director, at or (202) 942-1800. Sincerely, Mark P. Shuman Branch Chief - Legal cc: Via Facsimile Scott Rosenblum, Esq. Kramer Levin Naftalis & Frankel LLP 919 Third Avenue New York, New York 10022 Telephone: (212) 715-9100 Facsimile: (212) 715-8000