UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K/A
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
November 13, 2014
Date of Report (Date of earliest event reported)
 
GlobalSCAPE, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of incorporation)
001-33601
(Commission
File Number)
74-2785449
(IRS Employer
Identification No.)
 
4500 Lockhill Selma Road, Suite 150
San Antonio, Texas 78249
(210) 308-8267
 (Address of principal executive offices and Registrant’s telephone number, including area code)
 
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):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 2.02 Results of Operations and Financial Condition
 
On November 5, 2014, GlobalSCAPE, Inc (“GlobalSCAPE” or the “Company”) issued a press release announcing financial results for the Company’s third quarter of fiscal year 2014. Subsequent to issuing the press release and in connection with finalizing its Quarterly Report on Form 10-Q for the period ended September 30, 2014, the Company corrected certain of the information in the financial statements included as part of the press release. These corrections related to the balance sheet classification of certain federal income tax items arising in connection with the exercise of options to purchase the Company’s common stock. These corrections did not affect the Company’s total revenues or net income as announced on November 5, 2014.

The Company has included with this amended Report the corrected versions of the financial statements with the corrections indicated as Exhibit 99.1. The information included in this amended Report, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 
Item 9.01 Financial Statements and Exhibits
 
(d)
Exhibits
 
 
 
 
 
 
 
 
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.

GLOBALSCAPE, INC.
 
By:   /s/ James W. Albrecht,Jr.                      
James W. Albrecht, Jr.
Chief Financial Officer
Dated: November 13, 2014







Exhibit 99.1
 
GlobalSCAPE, Inc.
                  
Condensed Consolidated Balance Sheets
                  
(in thousands except share amounts)
                  
(Unaudited)
                  
   
September 30, 2014
    
December 31, 2013
  
   
As Presented on November 5, 2014
    
Corrected Amount
    
December 31, 2013
  
Assets
                  
Current assets:
                  
 Cash and cash equivalents
   $ 9,265           $ 9,455  
 Accounts receivable (net of allowance for doubtful accounts
                
       of $551 and $154 in 2014 and 2013, respectively)
     6,722             3,765  
 Federal income tax receivable
     236       34       113  
 Current deferred tax asset
     174               184  
 Prepaid expenses
     264               349  
 Total current assets
     16,661       16,459       13,866  
                         
 Long term investments
     3,169               3,122  
 Capitalized software development costs, net
     2,697               1,028  
 Deferred tax asset
     745               1,476  
 Goodwill
     12,712               12,712  
 Fixed assets, net
     738               744  
 Other assets
     133               144  
 Total assets
   $ 36,855     $ 36,653     $ 33,092  
                         
 Liabilities and Stockholders’ Equity
                        
 Current liabilities:
                        
 Accounts payable
   $ 632             $ 655  
 Accrued expenses
     1,296               898  
 Deferred revenue
     11,047               9,092  
 Long term debt, current portion
     -               1,397  
 Total current liabilities
     12,975               12,042  
                         
 Deferred revenue, non-current portion
     3,159               1,708  
 Long term debt, non-current portion
     -               2,989  
 Other long term liabilities
     51       52       60  
 Commitments and contingencies
                        
                         
 Stockholders’ equity:
                        
 Preferred stock, par value $0.001 per share, 10,000,000
                        
     authorized, no shares issued or outstanding
     -               -  
 Common stock, par value $0.001 per share, 40,000,000
                        
     authorized, 20,967,617  and 19,592,117 shares issued
                        
     at September 30, 2014 and December 31, 2013, respectively
     25               20  
 Additional paid-in capital
     18,401       18,198       15,834  
 Treasury stock, 403,581 shares, at cost, at
                        
    September 30, 2014 and December 31, 2013
     (1,452 )             (1,452 )
 Retained earnings
     3,696               1,891  
 Total stockholders’ equity
     20,670       20,467       16,293  
 Total liabilities and stockholders’ equity
   $ 36,855     $ 36,653     $ 33,092  
 
 
 
 
 
GlobalSCAPE, Inc.
                  
Condensed Consolidated Statements of Cash Flows
                  
(in thousands)
                  
(Unaudited)
                  
   
For the Nine Months Ended September 30,
  
   
2014
        
   
As Presented on November 5, 2014
    
Corrected Amount
    
2013
  
Operating Activities:
                  
                   
Net income
   $ 1,805           $ 3,185  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Bad debt expense
     318             29  
Depreciation and amortization
     580             787  
Stock-based compensation
     380             522  
Deferred taxes
     740             (1,030 )
Excess tax benefit from share-based
                      
compensation
     367       212       83  
TappIn intangible asset impairment and earnout liability elimination
     -               (128 )
Subtotal before changes in operating assets and liabilities
     4,190       4,035       3,448  
Changes in operating assets and liabilities:
                        
Accounts receivable
     (3,275 )             (251 )
Prepaid expenses
     85               8  
Other assets
     10               (62 )
Deferred revenue
     3,405               948  
Accounts payable
     (24 )             (6 )
Accrued expenses
     398               (149 )
Other long-term liabilities
     (6 )             (2 )
Income tax receivable and payable
     (490 )     (132 )     (107 )
Net cash provided by operating activities
     4,293       4,496       3,827  
Investing Activities:
                        
Software development costs
     (2,028 )             (686 )
Purchase of property and equipment
     (215 )             (65 )
Purchase of TappIn, Inc.  and earnout payments
     -               (500 )
Interest reinvested in long term investments
     (47 )             (47 )
Net cash (used in) investing activities
     (2,290 )             (1,298 )
Financing Activities:
                        
Proceeds from exercise of stock options
     2,559       2,201       231  
Tax benefit from stock-based compensation
     (367 )     (212 )     (83 )
Notes payable principle payments
     (4,385 )             (999 )
Net cash used in financing activities
     (2,193 )     (2,396 )     (851 )
Net increase (decrease) in cash
     (190 )             1,678  
Cash at beginning of period
     9,455               8,079  
Cash at end of period
   $ 9,265             $ 9,757  
                         
Supplemental disclosure of cash flow information:
                        
Cash paid during the period for:
                        
Interest
   $ 117             $ 182  
Income taxes
   $ 642             $ 731  
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