SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) May 31, 1996
IMAGE SOFTWARE, INC.
(Exact Name of Registrant as Specified in its Charter)
COLORADO 0-12535 84-0866294
(State of Incorporation) (Commission File (IRS Employer ID
Number) Number)
6486 S. Quebec Street
Englewood, Colorado 80111
(Address of Principal Executive Offices)
(303) 694-9180
(Registrant's Telephone Number)
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Item 5. Other Events
By letter dated June 17, 1996, the Nasdaq Small Cap Market System
("Nasdaq") requested that the Company refile the Form 8-K dated May 31,
1996 with the Securities and Exchange Commission to include an interim
financial adjustments column with the May 31, 1996 balance sheet of the
Company which had previously been filed. Accordingly, the Company is
filing this Form 8-K/A, Current Report, with an enhanced unaudited balance
sheet as of May 31, 1996.
<PAGE>
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.
Date: June 28, 1996 IMAGE SOFTWARE, INC.
By: /s/ David R. DeYoung
David R. DeYoung, President
<PAGE>
Item 1. Financial Statements
IMAGE SOFTWARE, INC.
CONSOLIDATED BALANCE SHEETS
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<CAPTION>
Interim
Financial
Assets 31-Mar-96 Adjustments 31-May-96
- ------------------------------------ ---------- ----------- ---------
Current Assets:
<S> <C> <C> <C>
Cash and equivalents $ 299,584 $ 93,543 $ 393,127
Trade accounts receivable, net 459,298 (20,648) 438,650
Inventory, at lower of
cost or market 28,642 96,750 125,392
Current portion of
notes receivable 12,164 150,000 162,164
Prepaid expenses 73,390 (53,190) 20,200
---------- -------- ----------
Total current assets 873,078 266,455 1,139,533
Property and equipment, net 252,904 (8,608) 244,296
Deferred computer software
development costs, net 700,857 (6,230) 694,627
Investment in affiliate 8,900 0 8,900
Other assets 29,717 21,639 51,356
---------- -------- ----------
TOTAL ASSETS $1,865,456 $273,256 $2,138,712
========== ======== ==========
Liabilities and Stockholders' Equity
- ------------------------------------
Current Liabilities:
Current portion of long-term debt:
Other 150,000 0 150,000
Capital lease obligations 11,347 (1,837) 9,510
Trade accounts payable 152,668 (25,838) 126,830
Line of credit 102,948 4,052 107,000
Accrued expenses and other
liabilities 149,387 3,457 152,844
----------- -------- ----------
Total current liabilities 566,350 (20,166) 546,184
Long-term obligations:
Capital lease obligations 18,768 0 18,768
Other 0 0 0
----------- -------- ----------
Total liabilities 585,118 (20,166) 564,952
Stockholders' Equity
Common stock, par value $.004 -
10,000,000 shares authorized;
shares outstanding: 1995,
1,936,859; 1996, 2,129,563 7,747 775 8,522
Paid-in capital 6,628,462 212,879 6,841,341
Accumulated deficit (5,355,871) 79,768 (5,276,103)
----------- --------- -----------
Total stockholders' equity 1,280,338 293,422 1,573,760
------------ --------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,865,456 $273,256 $2,138,712
========== ======== ==========
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