-----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, NNhlhwTBTznuvvwFgx9F+BonFQmfvMzTj8+XDKb6gnFDLokSxDDdV7iFi9xi/PLx Vr4a1jdc7uAilu6/Hs2/UQ== 0000950149-97-002165.txt : 19971208 0000950149-97-002165.hdr.sgml : 19971208 ACCESSION NUMBER: 0000950149-97-002165 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971001 ITEM INFORMATION: FILED AS OF DATE: 19971205 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENLIGHTEN SOFTWARE SOLUTIONS INC CENTRAL INDEX KEY: 0000919175 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943008888 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 000-23446 FILM NUMBER: 97732816 BUSINESS ADDRESS: STREET 1: 999 BAKER WAY STE 390 CITY: SAN MATCO STATE: CA ZIP: 94404-1578 BUSINESS PHONE: 4155780700 FORMER COMPANY: FORMER CONFORMED NAME: SOFTWARE PROFESSIONALS INC DATE OF NAME CHANGE: 19940217 8-K/A 1 AMENDMENT TO FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A AMENDMENT NO. 1 TO CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) October 1, 1997 ENlighten Software Solutions, Inc. (Exact name of registrant as specified in charter) - -------------------------------------------------------------------------------- California 0-23446 94-3008888 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) - -------------------------------------------------------------------------------- 999 Baker Way, Suite 500, San Mateo, California 94404-1578 (Address of principal executive offices) (Zip Code) - -------------------------------------------------------------------------------- Registrant's telephone number, including area code (650) 578-0700 (Former name or former address, if changed since last report) 2 The undersigned registrant hereby amends the following item of its Current Report dated October 1, 1997 on Form 8-K as set forth in the pages attached thereto: ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) The following exhibits are attached hereto and filed herewith: 7.1 Proforma consolidated financial statements of ENlighten Software Solutions, Inc. for the year ended December 31, 1996 and the nine months ended September 30, 1997. 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 hereunto duly authorized. ENLIGHTEN SOFTWARE SOLUTIONS, INC. Date: December __, 1997 By: /s/ Michael A. Morgan ------------------------------- Michael A. Morgan Vice President, Finance and Administration, Chief Financial Officer and Secretary 2 3 ENLIGHTEN SOFTWARE SOLUTIONS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 1997
ENlighten Software Solutions, Inc. Pro Forma Pro Forma and Subsidiary Adjustment Consolidated ------------------- --------------- --------------- ASSETS Current assets: Cash, cash equivalents, and short term investments $ 586,606 $ 1,585,378(1) $ 2,171,984 Accounts receivable, less allowance for doubtful accounts 1,209,159 0 1,209,159 Prepaid expenses and other assets 307,796 0 307,796 ----------- ----------- ----------- Total current assets 2,103,561 1,585,378 3,688,939 ----------- ----------- ----------- Property and equipment, net 976,297 (114,580)(1) 861,717 Acquired technology and software development costs, net 690,891 (147,110)(1) 543,781 Other assets 221,034 0 221,034 ----------- ----------- ----------- $ 3,991,783 $ 1,323,688 $ 5,315,471 =========== =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accrued and other current liabilities 584,117 105,488(1) 689,605 Deferred revenue 1,358,376 (1,257,489)(1) 100,887 ----------- ----------- ----------- Total current liabilities 1,942,493 (1,152,001) 790,492 ----------- ----------- ----------- Shareholders' equity: Common stock 5,059,640 5,059,640 Accumulated deficit (3,010,350) 2,475,689(1) (534,661) ----------- ----------- ----------- Total shareholders' equity 2,049,290 2,475,689 4,524,979 ----------- ----------- ----------- $ 3,991,783 $ 1,323,688 $ 5,315,471 =========== =========== ===========
See notes to unaudited pro forma consolidated financial statements 4 ENLIGHTEN SOFTWARE SOLUTIONS, INC. AND SUBSIDIARY UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 1997
ENlighten Software Solutions, Inc. Pro Forma Pro Forma and Subsidiary Adjustment Consolidated ----------- ----------- ------------ Revenue: Product license fees $ 1,337,803 $ (946,404)(2) $ 391,399 Product maintenance fees 2,544,186 (2,496,375)(2) 47,811 Consulting services 110,784 (110,784)(2) 0 ----------- ----------- ----------- Total revenue 3,992,773 (3,553,563) 439,210 Cost of revenue 699,503 (446,467)(2) 253,036 ----------- ----------- ----------- Gross profit 3,293,270 (3,107,096) 186,174 ----------- ----------- ----------- Operating expenses: Research and development 1,691,204 (320,175)(2) 1,371,029 Sales and marketing 2,861,728 (176,175)(2) 2,685,553 General and administrative 1,189,586 (39,188)(2) 1,150,398 ----------- ----------- ----------- Total operating expenses 5,742,518 (535,538) 5,206,980 ----------- ----------- ----------- Operating loss (2,449,248) (2,571,558) (5,020,806) ----------- ----------- ----------- Other income (expense): Interest income (net) 66,728 0 66,728 ----------- ----------- ----------- Loss before income taxes (2,382,520) (2,571,558) (4,954,078) ----------- ----------- ----------- Income tax expense 1,080 1,080(2) 0 ----------- ----------- ----------- Net loss $(2,383,600) $(2,572,638) $(4,954,078) =========== =========== =========== Net loss per share $ (0.81) $ $(1.69) Shares used in computing net loss per share 2,936,025 2,936,025 =========== =========== ===========
See notes to unaudited pro forma consolidated financial statements 5 ENLIGHTEN SOFTWARE SOLUTIONS, INC. AND SUBSIDIARY UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS YEAR ENDED DECEMBER 31, 1996
ENlighten Software Solutions, Inc. Pro Forma Pro Forma and Subsidiary Adjustment Consolidated ----------- ----------- ----------- Revenue: Product license fees $ 2,644,546 $(2,071,186)(3) $ 573,360 Product maintenance fees 3,407,778 (3,394,492)(3) 13,286 Consulting services 424,975 (424,975)(3) 0 ----------- ----------- ----------- Total revenue 6,477,299 (5,890,653) 586,646 Cost of revenue 1,033,649 (856,577)(3) 177,072 ----------- ----------- ----------- Gross profit 5,443,650 (5,034,076) 409,574 ----------- ----------- ----------- Operating expenses: Research and development 2,047,604 (426,900)(3) 1,620,704 Sales and marketing 2,979,078 (234,900)(3) 2,744,178 General and administrative 1,371,108 (52,250)(3) 1,318,858 Acquired in-process research and development 210,469 0 210,469 ----------- ----------- ----------- Total operating expenses 6,608,259 (714,050) 5,894,209 ----------- ----------- ----------- Operating loss (1,164,609) (4,320,026) (5,484,635) Other income (expense): Interest income, net 185,164 0 185,164 ----------- ----------- ----------- Loss before income taxes (979,445) (4,320,026) (5,299,471) Income tax expense 58,535 1,080(3) 57,455 ----------- ----------- ----------- Net loss $(1,037,980) $(4,321,106) $(5,356,926) =========== =========== =========== Net loss per share $ (0.36) $ $(1.87) Shares used in computing net loss per share 2,870,448 2,870,448 =========== =========== ===========
See notes to unaudited pro forma consolidated financial statements 6 ENLIGHTEN SOFTWARE SOLUTIONS, INC. AND SUBSIDIARY NOTES TO THE UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 1996 AND NINE MONTHS ENDED SEPTEMBER 30, 1997 Basis of Presentation The unaudited pro forma consolidated financial statements should be read in conjunction with the historical financial statements of the Company. The unaudited pro forma consolidated financial statements do not claim to be indicative of the financial position of the Company had the sale occurred on September 30, 1997. Nor do the unaudited pro forma financial statements claim to be indicative of the results of operations that actually would have occurred had the sale been consummated on January 1, 1996, or to project the Company's financial position or results of operations for any future period. 1. To record the cash received, assets and liabilities disposed of, transaction costs, and the gain on sale of certain assets, net of certain liabilities assumed from the sale of the Tandem product line. The cash received does not include the additional sum of approximately $700,000 held in an escrow account to be received by ENlighten Software Solutions upon satisfaction of certain performance objectives. 2. To eliminate the operations of the Tandem product line from the consolidated statement of operations of the Company for the nine months ended September 30, 1997, assuming the sale had occurred at January 1, 1997. 3. To eliminate the operations of the Tandem product line from the consolidated statement of operations of the Company for the year ended December 31, 1996, assuming the sale had occurred January 1, 1996. -----END PRIVACY-ENHANCED MESSAGE-----