FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
______X_____ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2003
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: 000-23453
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FLEXIINTERNATIONAL SOFTWARE, INC. |
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(Exact Name of Registrant as Specified in Its Charter) |
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Delaware |
06-1309427 |
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(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
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Two Enterprise Drive, Shelton, CT |
06484 |
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(Address of Principal Executive Offices) |
(Zip Code) |
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(203) 925-3040 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (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 ___ __ & nbsp;
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ___ __ No ___X __ ;
As of September 30, 2003, there were 17,784,185 shares of FlexiInternational Software, Inc. Common Stock outstanding.
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FLEXIINTERNATIONAL SOFTWARE, INC. |
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Table of Contents |
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Page |
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PART I. |
FINANCIAL INFORMATION |
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Item 1. |
Consolidated Financial Statements |
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Consolidated Balance Sheets.................................................................................................................................. |
3 |
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Consolidated Statements of Operations................................................................................................................ |
4 |
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Consolidated Statements of Cash Flows............................................................................................................... |
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Consolidated Statements of Stockholders’ Deficit.............................................................................................. |
6 |
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Notes to Consolidated Financial Statements........................................................................................................ |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations...................... |
8 |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk........................................................................... |
14 |
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Item 4. |
Controls and Procedures.......................................................................................................................................... |
14 |
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PART II. |
OTHER INFORMATION |
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Item 1. |
Legal Proceedings..................................................................................................................................................... |
15 |
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Item 6. |
Exhibits and Reports on Form 8-K.......................................................................................................................... |
15 |
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Signature |
...................................................................................................................................................................................... |
16 |
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PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
FlexiInternational Software, Inc. and Subsidiary
CONSOLIDATED BALANCE SHEETS
(in thousands)
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September 30, |
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December 31, |
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2003 |
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2002 |
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(unaudited) |
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(audited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ 716 |
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$ 892 |
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Interest bearing deposits |
287 |
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37 |
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Accounts receivable, net of allowance for doubtful accounts |
875 |
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1,034 |
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Prepaid expenses and other current assets |
390 |
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219 |
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TOTAL CURRENT ASSETS |
2,268 |
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2,182 |
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Property and equipment at cost, net of accumulated depreciation |
212 |
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295 |
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Other assets |
392 |
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664 |
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TOTAL ASSETS |
$ 2,872 |
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$ 3,141 |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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CURRENT LIABILITIES: |
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Accounts payable and accrued expenses |
$ 803 |
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$ 916 |
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Current portion of long-term liabilities |
364 |
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611 |
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Deferred revenues |
2,268 |
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2,480 |
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TOTAL CURRENT LIABILITIES |
3,435 |
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4,007 |
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Long-term liabilities (net of current portion) |
585 |
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811 |
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TOTAL LIABILITIES |
4,020 |
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4,818 |
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STOCKHOLDERS’ DEFICIT: |
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Common stock: $.01 par value; 50,000,000 shares authorized; issued and outstanding shares – 17,784,185 |
178 |
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178 |
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Additional paid-in capital |
56,117 |
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56,117 |
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Accumulated deficit |
(57,694) |
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(58,233) |
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Other accumulated comprehensive income |
251 |
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261 |
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TOTAL STOCKHOLDERS’ DEFICIT |
(1,148) |
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(1,677) |
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TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
$ 2,872 |
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$ 3,141 |
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See accompanying notes to consolidated financial statements. |
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3 |
FlexiInternational Software, Inc. and Subsidiary
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
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Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2003 |
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2002 |
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2003 |
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2002 |
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REVENUE |
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Software license |
$393 |
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$167 |
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$1,571 |
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$634 |
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Service and maintenance |
1,092 |
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1,556 |
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3,298 |
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4,722 |
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Other operating revenue |
- |
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357 |
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500 |
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TOTAL REVENUE | |||||||||