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 March 31, 2004
OR
o 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 |
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06-1309427 |
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(State or Other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
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Two Enterprise Drive, Shelton, CT |
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06484 |
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(Address of Principal Executive Offices) |
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(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 o & nbsp;
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No x
As of March 31, 2004, there were 17,797,519 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................................................................................................................................ |
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Consolidated Statements of Operations.............................................................................................................. |
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Consolidated Statements of Cash Flows............................................................................................................. |
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Consolidated Statement of Stockholders’ Deficit............................................................................................... |
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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............................................................................................................................................ |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk........................................................................ |
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Item 4. Controls and Procedures....................................................................................................................................... |
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PART II. OTHER INFORMATION |
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Item 1. Legal Proceedings................................................................................................................................................... |
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Item 6. Exhibits and Reports on Form 8-K........................................................................................................................ |
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Signatures............................................................................................................................................................................. |
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PART I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
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FlexiInternational Software, Inc. and Subsidiary |
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CONSOLIDATED BALANCE SHEETS |
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(in thousands, except share data) |
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MARCH 31, |
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DECEMBER 31, |
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2004 |
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2003 |
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A S S E T S |
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(unaudited) |
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(audited) |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ |
431 |
$ |
832 |
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Interest bearing deposits |
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287 |
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287 |
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Accounts receivable, net of allowance for doubtful accounts of $26 and $32, respectively |
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1,167 |
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1,000 |
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Prepaid expenses and other current assets |
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281 |
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161 |
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Deferred taxes |
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153 |
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153 |
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Total Current Assets |
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2,319 |
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2,433 |
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PROPERTY AND EQUIPMENT, NET |
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230 |
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243 |
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OTHER ASSETS: |
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Deferred taxes |
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337 |
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337 |
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Other |
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53 |
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16 |
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Total Other Assets |
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389 |
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353 |
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TOTAL |
$ |
2,939 |
$ |
3,029 |
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LIABILITIES AND STOCKHOLDERS' DEFICIT |
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CURRENT LIABILITIES: |
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Accounts payable and accrued expenses |
$ |
619 |
$ |
670 |
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Deferred revenue |
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2,338 |
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2,381 |
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Current portion of long-term liabilities |
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258 |
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300 |
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Total Current Liabilities |
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3,215 |
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3,351 |
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