Business Context and Reporting Period
This Form 10-Q is filed by VTEL Corporation (noted as Asure Software Inc in metadata) for the quarterly period ended October 31, 1996. The company is a Delaware corporation headquartered in Austin, Texas. As of December 1, 1996, the registrant had 13,940,567 shares of Common Stock outstanding.
Key Financial Metrics
The filing provides unaudited condensed consolidated balance sheet data comparing October 31, 1996, to July 31, 1996. Income statement metrics (revenue, profit, cash flow) are not included in the provided text.
| Balance Sheet Item | Oct 31, 1996 | Jul 31, 1996 |
|---|---|---|
| Total Assets | $109,967,000 | $111,903,000 |
| Cash and Equivalents | $1,502,000 | $1,973,000 |
| Short-term Investments | $40,666,000 | $48,307,000 |
| Accounts Receivable (Net) | $23,539,000 | $15,585,000 |
| Total Current Liabilities | $18,133,000 | $17,487,000 |
| Stockholders' Equity | $91,834,000 | $94,416,000 |
| Accumulated Deficit | ($29,224,000) | ($30,068,000) |
Note: The filing text does not provide clear values for revenue, net income, operating margins, or cash flow from operations.
Material Changes
- Liquidity Position: Cash and equivalents decreased by approximately $471,000, while short-term investments decreased by approximately $7.6 million.
- Working Capital: Accounts receivable increased significantly by approximately $7.95 million, suggesting higher sales volume or slower collections, though revenue figures are not provided.
- Liabilities: Deferred revenue increased from $2.98 million to $5.08 million, indicating an increase in unearned customer payments.
- Equity: Stockholders' equity decreased by approximately $2.58 million. The company recorded a reduction in its accumulated deficit of roughly $844,000, implying a net profit for the quarter, though the specific amount is not detailed in the text.
- Treasury Stock: The company purchased treasury stock, resulting in a balance of ($3,351,000) at period end, compared to zero at the prior period.
Outlook, Risks, and Commentary
The provided text contains no management commentary, forward-looking guidance, risk factors, or discussion of contingencies. The filing confirms the company is current on its reporting requirements under Section 13 or 15(d) of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the discrepancy between the metadata company name ("ASURE SOFTWARE INC") and the filing header ("VTEL CORPORATION").
- Confirm the specific revenue and net income figures for the quarter, as they are absent from the provided balance sheet text.
- Investigate the cause of the $7.95 million increase in accounts receivable to assess collection risks.
- Review the details of the $3.35 million treasury stock repurchase program.
- Examine the nature of the $2.1 million increase in deferred revenue to understand future revenue recognition timing.