SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2004 |
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or, |
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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 0-27012
Insignia Solutions plc
(Exact name of Registrant as specified in its charter)
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England and Wales |
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Not applicable |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. employer identification number) |
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41300 Christy Street |
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The Mercury Centre, Wycombe Lane |
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(Address and telephone number of principal executive offices and principal places of business) |
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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 ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act): Yes o No ý
As of August 9, 2004, there were 28,575,189 Ordinary shares of £0.20 each nominal value, outstanding.
INSIGNIA SOLUTIONS PLC
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PART I - FINANCIAL INFORMATION
INSIGNIA
SOLUTIONS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, unaudited)
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June 30, |
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December 31, |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
1,950 |
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$ |
2,212 |
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Restricted cash |
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50 |
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20 |
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Accounts receivable, net |
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245 |
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50 |
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Other receivables |
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235 |
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1,153 |
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Tax receivable |
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436 |
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391 |
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Prepaid royalties |
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— |
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2,185 |
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Prepaid expenses |
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349 |
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410 |
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Total current assets |
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3,265 |
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6,421 |
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Property and equipment, net |
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159 |
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154 |
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Investment in affiliate |
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35 |
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— |
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Other assets |
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226 |
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219 |
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$ |
3,685 |
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$ |
6,794 |
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LIABILITIES, REDEEMABLE WARRANTS AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
180 |
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$ |
468 |
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Accrued liabilities |
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1,120 |
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1,239 |
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Note payable |
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— |
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1,000 |
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Deferred revenue |
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45 |
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1,460 |
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Total current liabilities |
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1,345 |
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4,167 |
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Commitments and contingencies (Note 6) |
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Redeemable warrants |
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38 |
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38 |
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Shareholders’ equity: |
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Ordinary shares |
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9,639 |
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8,111 |
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Additional paid-in capital |
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63,872 |
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61,898 |
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Common stock subscription |
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— |
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575 |
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Accumulated deficit |
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(70,748 |
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(67,534 |
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Other accumulated comprehensive loss |
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(461 |
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(461 |
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Total shareholders’ equity |
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2,302 |
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2,589 |
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$ |
3,685 |
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$ |
6,794 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
INSIGNIA SOLUTIONS PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts, unaudited)
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Three months ended |
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Six months ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Net revenues: |
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License |
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$ |
105 |
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$ |
— |
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$ |
421 |
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$ |
192 |
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Service |
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2 |
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— |
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5 |
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187 |
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Total net revenues |
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107 |
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— |
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426 |
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379 |
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Cost of net revenues: |
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License |
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5 |
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36 |
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28 |
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151 |
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Service |
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— |
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— |
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— |
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52 |
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Total cost | |||||||||||||