UNITED STATES
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): June 30, 2005
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PRISM SOFTWARE CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-21713 95-2621719
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
15500-C Rockfield Blvd., Irvine, CA 92618
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 949-855-3100
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Not applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
In the quarter ended June 30, 2005, the Company borrowed an aggregate of
$340,000 under a Consolidated Promissory Note with the Conrad von Bibra
Revocable Trust. Such debt is due March 1, 2007, bears simple interest at the
rate of 5% per annum beginning July 1, 2005, and is secured by the Company's
assets.
No commissions were paid in connection with the above transactions. Conrad von
Bibra is an affiliate of the Company by virtue of having beneficial ownership of
more than 5% of the outstanding Common Stock of the Company, and being a
director and an officer of the Company.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
10.1 Consolidated Promissory Note dated June 30, 2005 by and
between the Conrad von Bibra Revocable Trust and the Company
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 hereunto duly authorized.
PRISM SOFTWARE CORPORATION
Dated: August 12, 2005 By: /s/ David Ayres
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David Ayres, Director and President
(Principal Executive Officer)