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 September 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333-99237, 333-138719), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.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 is certain financial information with respect to the Registrant’s second fiscal quarter ended June 30, 2007
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/ Eli Sofer |
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| Name: Eli Sofer |
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| Chief Financial Officer |
Dated: September 25, 2007
A-2
RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
|
| June 30, |
| December 31, |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
| $ | 2,635 |
| $ | 229 |
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Restricted cash |
| 21 |
| 21 |
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Accounts receivable, net of reserves of $47 as of June 30, 2007 and December 31, 2006 |
| 632 |
| 495 |
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Prepaid expenses and other current assets |
| 178 |
| 166 |
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Total Current Assets |
| 3,466 |
| 911 |
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Long-Term Investments: |
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Operating lease deposit |
| 40 |
| 40 |
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Severance pay funds |
| 314 |
| 284 |
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Total Long-Term Investments |
| 354 |
| 324 |
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Property and Equipment, net |
| 82 |
| 102 |
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Deferred Financing Costs Related to Convertible Loan |
| 24 |
| 30 |
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Total Assets |
| $ | 3,926 |
| $ | 1,367 |
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LIABILITIES AND SHAREHOLDERS’ DEFICIT |
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Current Liabilities: |
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Accounts payable |
| 421 |
| 428 |
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Accrued expenses |
| 1,554 |
| 1,297 |
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Deferred revenue |
| 1,103 |
| 1,170 |
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Total Current Liabilities |
| 3,078 |
| 2,895 |
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Related party convertible loan |
| 219 |
| 94 |
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Accrued severance pay |
| 440 |
| 417 |
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Total Shareholders’ Equity (Deficit) (*) |
| 189 |
| (2,039 | ) | ||
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Total Liabilities and Shareholders’ Equity (Deficit) (*) |
| $ | 3,926 |
| $ | 1,367 |
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(*) Shareholders’ Equity (Deficit) does not include Fin48 implementation. The Company is currently evaluating Fin48 effect on its financial statements.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with FASB Statement No. 109, Accounting for Income Taxes. This Interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
A-3
RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)
|
| Three Months Ended |
| Six Months Ended |
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| 2007 |
| 2006 |
| 2007 |
| 2006 |
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Revenues: |
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Software licenses |
| $ | 320 |
| $ | 295 |
| $ | 715 |
| $ | 1,102 |
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Services |
| 475 |
| 582 |
| 996 |
| 1,465 |
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Total Revenues |
| 795 |
| 877 |
| 1,711 |
| 2,567 |
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Cost of Revenues: |
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Software licenses |
| 6 |
| 18 |
| 13 |
| 68 |
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Services |
| 10 |
| 29 |
| 18 |
| 106 |
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Total Cost of Revenues |
| 16 |
| 47 |
| 31 |
| 174 |
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Gross Profit |
| 779 |
| 830 |
| 1,680 |
| 2,393 |
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Operating Expenses: |
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Sales and marketing |
| 793 |
| 586 |
| 1,428 |
| 1,254 |
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Research and development |
| 621 |
| 341 |
| 1,220 |
| 687 |
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General and administrative |
| 418 |
| 270 |
| 859 |
| 634 |
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Total Operating Expenses |
| 1,832 |
| 1,197 |
| 3,507 |
| 2,575 |
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Operating loss |
| (1,053 | ) | (367 | ) | (1,827 | ) | (182 | ) | ||||
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Financial expenses, net |
| (80 | ) | (29 | ) | (183 | ) | (43 | ) | ||||
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Net loss |
| (1,133 | ) | (396 | ) | (2,010 | ) | (225 | ) | ||||
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Deemed dividend on an exercise of additional investment rights |
| — |
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| (766 | ) | — |
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Net loss after deemed dividend |
| $ | (1,133 | ) | $ | (396 | ) | $ | (2,776 | ) | $ | (225 | ) |
A-4
