SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB/A
AMENDMENT TO QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES ACT OF 1934
For the quarterly period ended March 31, 1996
Commission file number 0-26598
PAPERCLIP IMAGING SOFTWARE, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State of incorporation)
22-3137907
(IRS Employer ID number)
THREE UNIVERSITY PLAZA
HACKENSACK, NJ 07601
(Address of principal executive offices) (Zip Code)
(201)487-3503
(Registrant's telephone number)
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 preceeding 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 [ ].
(Applicable only to Corporate Issuers)
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the last practicable
date.
Class June 13, 1996
Common Stock, $.01 par value 7,714,681
Redeemable Class A Warrants 3,599,500
<PAGE>
PART II - OTHER INFORMATION
Item # 6 Exhibits and Reports on Form 8-K
A. Exhibits
Exhibit 27. Financial Data Schedule
B. Reports on Form 8-K
No reports have been filed on Form 8-K during this quarter.
<PAGE>
PaperClip Imaging Software, Inc.
SIGNATURES
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 thereunto duly
authorized.
July 8, 1996 PaperClip Imaging Software, Inc.
William Weiss
William Weiss, CEO
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 2,860,339
<SECURITIES> 0
<RECEIVABLES> 362,157
<ALLOWANCES> 40,000
<INVENTORY> 0
<CURRENT-ASSETS> 3,197,771
<PP&E> 791,040
<DEPRECIATION> 299,004
<TOTAL-ASSETS> 3,735,449
<CURRENT-LIABILITIES> 638,340
<BONDS> 0
0
0
<COMMON> 36,989
<OTHER-SE> 3,021,840
<TOTAL-LIABILITY-AND-EQUITY> 3,735,449
<SALES> 488,030
<TOTAL-REVENUES> 488,030
<CGS> 0
<TOTAL-COSTS> 1,435,302
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,672
<INCOME-PRETAX> (907,286)
<INCOME-TAX> 0
<INCOME-CONTINUING> (907,286)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (907,286)
<EPS-PRIMARY> (.25)
<EPS-DILUTED> (.25)
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