UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [X]Form 10-K [ ]Form 20-F [ ]Form 1l-K [ ]Form 10-Q [ ]Form N-SAR
For Period Ended: September 30, 1996
[ ] Transition Report on Form 10-K SEC FILE NUMBER
[ ] Transition Report on Form 20-F 1-5270
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q CUSIP NUMBER
[ ] Transition Report on Form N-SAR 833964 10 9
For the Transition Period Ended:
Read Instruction {on back page) Before Preparing Form. Please Print or Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
SOFTNET SYSTEMS, INC.
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Full Name of Registrant
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Former Name if Applicable
717 Forest Avenue
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Address of Principal Executive Office (Street and Number)
Lake Forest, IL 60045
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City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in
Part III of this form could not be eliminated
without unreasonable effort or expense;
(b) The subject annual report, semi-annual report,
transition report on Form 10-K, Form 20-F,
11-K, Form N-SAR, or portion thereof, will be
filed on or before the fifteenth
[X] calendar day following the prescribed due date;
or the subject quarterly report of transition
report on Form 10-Q, or portion thereof will be
filed on or before the fifth calendar day
following the prescribed due date; and
(c) The accountant's statement or other exhibit
required by Rule 12b-25(c) has been attached if
applicable.
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PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period. (Attach Extra Sheets if Needed)
Subsequent to September 30, 1996, the Company has experienced significant
turnover in its accounting department. This turnover has placed a strain on the
Company's ability to prepare the Company's financial statements for its last
fiscal year and thereby has caused delays in the preparation of its financial
statements. Moreover, preparation of the Company's financial statements for
fiscal 1996 has been unusually time consuming because of numerous transactions
that the Company entered into in fiscal 1996 (which have been reported in the
appropriate Form 10-Qs in that year). In addition, the Company is in the process
of finalizing negotiations with a third party that could have a material impact
on the Company's year end results of operations. Because of the significant
turnover on the Company's accounting department and in order to properly reflect
the effect of certain transactions in its financial statements and the
negotiations with a third party described above, the Company is unable to timely
file its Form 10-K for the year ended September 30, 1996.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Martin A. Koehler 847 266-8150
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months (or for such
shorter) period that the registrant was required to file such reports)
been filed? If answer is no, identify report(s).
[ X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject
report or portion thereof?
[ X] Yes [ ] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
See attached statement.
SOFTNET SYSTEMS, INC.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: December 30, 1996 By: /s/ Martin A. Koehler
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Martin A. Koehler
Vice President - Finance &
Chief Financial Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
<PAGE>
The Company expects to report a significantly lower loss from operations for the
fiscal year ended September 30, 1996 as compared to the fiscal year ended
September 30, 1995, principally as a result of a one-time $5.0 million charge
for the write-off of acquired in-process unproved technology included in fiscal
1995 results of operations.