FORM 6 - K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d -16
of the Securities Exchange Act of 1934
For the Month of May 2007
RadView Software Ltd.
(Translation of Registrant’s Name into English)
14 Hamelacha St., Rosh-Haayin, Israel
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
THIS FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S REGISTRATION STATEMENTS ON FORM S-8 (NO. 333-67086, 333-101321, 333-99237, 333-138719), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
Attached hereto and incorporated by reference are:
1. Certain financial information with respect to the Registrant’s first fiscal quarter ended March 31, 2007
2. Notice that Mr. Eli Sofer assumes the position of RadView’s Chief Financial Officer.
Signature
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.
RadView Software Ltd. | ||
| (Registrant) | |
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| By: | /s/ Limor Stoller |
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| Name: Limor Stoller |
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| Vice President of Finance |
Dated: May 7, 2007
A-2
RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
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| March 31, |
| December 31, |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
| $ | 2,468 |
| $ | 229 |
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Restricted cash |
| 21 |
| 21 |
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Accounts receivable, net of reserves of $47 as of March 31, 2007 and December 31, 2006 |
| 459 |
| 495 |
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Prepaid expenses and other current assets |
| 103 |
| 166 |
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Total Current Assets |
| 3,051 |
| 911 |
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Property and Equipment, net |
| 101 |
| 102 |
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Other Assets |
| 357 |
| 354 |
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Total Assets |
| $ | 3,509 |
| $ | 1,367 |
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LIABILITIES AND SHAREHOLDERS’ DEFICIT |
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Current Liabilities: |
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Accounts payable |
| 384 |
| 428 |
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Accrued expenses |
| 1,450 |
| 1,297 |
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Deferred revenue |
| 1,117 |
| 1,170 |
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Total Current Liabilities |
| 2,951 |
| 2,895 |
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Related party convertible loan |
| 156 |
| 94 |
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Accrued severance pay |
| 430 |
| 417 |
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Total Shareholders’ Deficit |
| (28 | ) | (2,039 | ) | ||
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Total Liabilities and Shareholders’ Deficit |
| $ | 3,509 |
| $ | 1,367 |
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A-3
RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
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| Three Months Ended |
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| 2007 |
| 2006 |
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Revenues: |
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Software licenses |
| $ | 395 |
| $ | 807 |
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Services |
| 521 |
| 883 |
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Total Revenues |
| 916 |
| 1,690 |
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Cost of Revenues: |
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Software licenses |
| 7 |
| 50 |
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Services |
| 8 |
| 77 |
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Total Cost of Revenues |
| 15 |
| 127 |
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Gross Profit |
| 901 |
| 1,563 |
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Operating Expenses: |
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Sales and marketing |
| 635 |
| 668 |
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Research and development |
| 599 |
| 346 |
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General and administrative |
| 441 |
| 364 |
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Total Operating Expenses |
| 1,675 |
| 1,378 |
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Operating income (loss) |
| (774 | ) | 185 |
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Financial expense, net |
| (103 | ) | (17 | ) | ||
Other income, net |
| — |
| 3 |
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Net income (loss) before deemed dividend |
| (877 | ) | 171 |
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Deemed dividend on an exercise of additional investment rights |
| (766 | ) | — |
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Net loss after deemed dividend |
| $ | (1,643 | ) | $ | 171 |
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A-4
Mr. Eli Sofer Appointed as RadView’s Chief Financial Officer
Mr. Eli Sofer joined the Company as its Chief Financial Officer on April 22, 2007.
Mr. Sofer has over 10 years of finance and operation management experience. Prior to joining Radview, Mr. Sofer served, for two years, as the Chief Financial Officer and General Manager of Adamind Ltd., and led the Company’s Initial Public Offering on the AIM market. During the years 2000-2004, Mr. Sofer was the Manager of the Trans-coding business of Emblaze Ltd. and before that was the corporate controller of Emblaze.
Before joining Emblaze, Mr. Sofer served for two years as the assistant controller at ADC Inc. and prior to that, he served for four years as a senior accountant at Somekh Chaikin, a member of KPMG Global.
Mr. Sofer is a certified public accountant and holds an MBA and a B.A. in Economics and Accounting, both from the Bar Ilan University in Israel.
Yochai Hacohen commented: “We are very pleased that Eli Sofer is assuming this position. Eli brings with him substantial experience that will strengthen RadView’s management team and will be key for managing its future growth challenges”
A-5
