SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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 May 20, 1996, Image Software, Inc. (the "Company")
was informed by the Nasdaq Small Cap Market System ("Nasdaq") that
according to the financial statements included in the Company's Form 10-Q
for the period ended March 31, 1996, the Company was in violation of the
Nasdaq's listing maintenance standards. In order to meet Nasdaq's June 5,
1996 deadline for establishing renewed compliance with these standards,
Nasdaq required the Company to file a Form 8-K with the Securities and
Exchange Commission demonstrating such compliance. Accordingly, the
Company is filing this Form 8-K, Current Report, with an unaudited balance
sheet as of May 31, 1996.
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: May 31, 1996 IMAGE SOFTWARE, INC.
By: /s/ David R. DeYoung
David R. DeYoung, President
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Item 1. Financial Statements
1MAGE SOFTWARE, INC.
CONSOLIDATED BALANCE SHEETS
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May 31, December 31,
Assets 1996 1995
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Current Assets:
Cash and equivalents $383,127 $345,852
Trade accounts receivable, net 438,650 568,639
Inventory, at lower of cost or market 125,392 28,642
Current portion of notes receivable 162,164 15,210
Prepaid expenses 20,200 25,839
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Total current assets 1,139,533 984,182
Property and equipment, net 244,296 268,550
Deferred computer software development
costs, net 694,627 708,360
Investment in affiliate 8,900 13,939
Other assets 51,356 28,502
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TOTAL ASSETS $2,138,712 $2,003,533
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Liabilities and Stockholders' Equity
- ----------------------------------------
Current Liabilities:
Current portion of long-term debt:
Other 150,000 -
Capital lease obligations 9,510 11,347
Trade accounts payable 126,830 221,401
Line of credit 107,000 100,477
Accrued expenses and other liabilities 152,844 199,211
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Total current liabilities 546,184 532,436
Long-term obligations:
Capital lease obligations 18,768 21,461
Other 0 150,000
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Total liabilities 564,952 703,897
Stockholders' Equity
Common stock, par value $.004 -
10,000,000 shares authorized;
shares outstanding: 1996,
2,128,946; 1995, 1,932,934 8,522 7,748
Paid-in capital 6,841,341 6,619,758
Accumulated deficit (5,276,103) (5,327,870)
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Total stockholders' equity 1,573,760 1,299,636
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,130,813 $2,003,533
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