-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Tp975MjvsSybvgFwBimlu5qGRN1K0EU2JnkufngynMpE/G+z+RxuM229uhhPsa54 Q1Ty5hf085T0qzKoyjO3jA== 0001021435-04-000019.txt : 20040512 0001021435-04-000019.hdr.sgml : 20040512 20040512132251 ACCESSION NUMBER: 0001021435-04-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: FILED AS OF DATE: 20040512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAPHON CORP/DE CENTRAL INDEX KEY: 0001021435 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 133899021 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21683 FILM NUMBER: 04798612 BUSINESS ADDRESS: STREET 1: 400 COCHRANE CIRCLE CITY: MORGAN HILL STATE: CA ZIP: 95037 BUSINESS PHONE: 4087763232 MAIL ADDRESS: STREET 1: 40O COCHRANE CIRCLE CITY: MORGAN HILL STATE: CA ZIP: 95037 FORMER COMPANY: FORMER CONFORMED NAME: UNITY FIRST ACQUISITION CORP DATE OF NAME CHANGE: 19960823 8-K 1 form8k.txt FIRST QUARTER EARNINGS RELEASE AND CONCALL SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 --------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: May 11, 2004 GRAPHON CORPORATION (Exact name of Registrant as specified in its charter) Delaware 0-21683 13-3899021 (State of (Commission File No.) IRS Employer incorporation) Identification Number) 105 Cochrane Circle, Morgan Hill, CA 95037 (Address of principal executive offices) Registrant's telephone number: (800) 472-7466 Item 12. Results of Operations and Financial Condition. On May 11, 2004, GraphOn Corporation issued a press release announcing its financial results for the quarter ended March 31, 2004. A copy of the press release is being furnished as Exhibit 99.1 to this report and incorporated herein by reference. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: May 12, 2004 GRAPHON CORPORATION (Registrant) By: /s/ William Swain ----------------------- William Swain Chief Financial Officer EX-99.1 2 press.txt 1ST QUARTER 2004 EARNINGS PRESS RELEASE Press Release For Immediate Release Company Contact: William Swain, GraphOn Corporation 1.800.GRAPHON Bill.Swain@GraphOn.com GraphOn Corp. Today Announces First Quarter 2004 Results; Will Host First Quarter Investors Teleconference on Wednesday, May 12, 2004 MORGAN HILL, CA, USA - May 11, 2004 - GraphOn(R) Corporation, (OTCBB: GOJO) (www.graphon.com) a leading developer of business software for remote computing, today announced it will host an investor conference call at 1:30 pm Pacific Coast Time (4:30 pm East Coast Time) on Wednesday May 12, 2004, moderated by GraphOn CEO and Chairman, Robert Dilworth and Chief Financial Officer, William Swain. Discussions will include a review of financial results of the first quarter, which ended March 31, 2004. The GraphOn management team will discuss the company's business and will take questions for a limited time following the presentation. U.S. and Canada participants may access the call by phone by dialing (877) 591-1124 ten minutes prior to the call; international participants may dial (706) 643-0488 and state GraphOn Conference Call. GraphOn Corporation also reported results for the first quarter, which ended March 31, 2004. Financial Highlights Revenues were $902,900 for the three-month period ended March 31, 2004, as compared to $1,044,000 recorded in the same period of 2003. The net loss for the three-month period ended March 31, 2004 was $431,100, as compared to the $380,100 net loss for the same period of 2003. The loss per common share on a basic and diluted basis for the quarter ended March 31, 2004 was $0.02 per share as compared with a loss of $0.02 per share for the same quarter of 2003. "As we have previously announced, we were able to obtain additional equity financing during the first quarter of this year," Robert Dilworth, CEO, said. "We are a small company with limited resources and with this additional resource we are looking forward, with guarded optimism, at the future growth of our business." About GraphOn Corporation For over a decade, GraphOn Corporation has been an innovator and developer of business connectivity software. GraphOn's high performance software provides fast remote access, cross platform capability, and a centralized architecture that delivers a dramatically lower cost of ownership to the user. Using GO-Global, any application can be simply and easily Web enabled without any software modification required, allowing applications to be run from browsers or portals. GraphOn, which markets its solutions through OEM licenses, independent software vendors (ISVs), application service providers (ASPs), value-added resellers (VARs) and systems integrators, is headquartered in Morgan Hill, CA and is traded on the Over the Counter Bulletin Board under the ticker GOJO (OTCBB:GOJO). For more information, please visit the company's Web site at http://www.graphon.com. This press release contains statements that are forward looking as that term is defined by the United States Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that are subject to risks and uncertainties. Actual results will differ due to factors such as shifts in customer demand, product shipment schedules, product mix, competitive products and pricing, technological shifts and other variables. Readers are referred to GraphOn's most recent periodic and other reports filed with the Securities and Exchange Commission. GraphOn and GO-Global are a registered trademarks of GraphOn Corp. All other trademarks belong to their respective owners. GRAPHON CORPORATION Condensed Balance Sheets
UNAUDITED AUDITED March 31, December 31, 2004 2003 -------------- ------------- Cash and cash equivalents ..........................$ 1,719,600 $ 1,025,500 Accounts receivable, net ........................... 368,800 521,100 Other current assets ............................... 27,700 23,100 -------------- ------------- Total current assets ............................... 2,116,100 1,569,700 -------------- ------------- Property and equipment, net ........................ 115,600 144,800 Purchased technology, net .......................... 167,500 335,000 Capitalized software, net .......................... 445,100 500,600 Other assets ....................................... 11,900 11,900 -------------- ------------- Total assets .......................................$ 2,856,200 $ 2,562,000 ============== ============= Current liabilities.................................$ 454,500 $ 523,100 Deferred Revenue ................................... 1,011,500 1,192,000 Stockholders' equity ............................... 1,390,200 846,900 -------------- ------------- Total liabilities and stockholders' equity .........$ 2,856,200 $ 2,562,000 ============== =============
Condensed Statements of Operations
UNAUDITED Three months ended March 31, --------------------------- 2004 2003 ------------ ------------ Revenue .................................. $ 902,900 $ 1,044,000 Cost of revenue .......................... 310,200 324,600 ------------ ------------ Gross Profit ............................. 592,700 719,400 ------------ ------------ Operating expenses Selling and marketing .................... 358,100 420,900 General and administrative ............... 249,700 356,400 Research and development ................. 419,600 328,000 ------------ ------------ Total operating expenses ................ 1,027,400 1,105,300 ------------ ------------ Loss from operations ..................... (434,700) (385,900) Other income (expense), net .............. 3,600 5,800 ------------ ------------ Loss before income taxes ................. (431,100) (380,100) Income taxes ............................. - - ------------ ------------ Net loss ................................. $ (431,100) $ (380,100) ============ ============ Basic and diluted loss per share ......... $ (0.02) $ (0.02) ============ ============ Weighted average shares outstanding ...... 20,036,876 16,594,408 ============ ============
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