Delaware
|
20-0996152
|
(State
or other Jurisdiction of incorporation)
|
(I.R.S.
Employer Identification No.)
|
Large accelerated filer o | Accelerated filer o | Non-accelerated filer o | Smaller reporting companyx |
|
||||
3 | ||||
3 | ||||
13 | ||||
28 | ||||
|
28 | |||
29
|
||||
29 | ||||
29
|
||||
29
|
||||
30
|
||||
32
|
June
30, 2008
|
December
31, 2007
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 376,000 | $ | 1,297,000 | ||||
Accounts
receivable - net of allowance for doubtful
|
||||||||
accounts
of $70,000 and $59,000 at June 30, 2008 and
|
3,769,000 | 3,255,000 | ||||||
December
31, 2007, respectively
|
||||||||
Inventories
- net
|
345,000 | 158,000 | ||||||
Prepaid
expenses and other current assets
|
405,000 | 440,000 | ||||||
Total
current assets
|
4,895,000 | 5,150,000 | ||||||
Fixed
Assets - Net
|
1,016,000 | 1,301,000 | ||||||
Other
Assets
|
180,000 | 215,000 | ||||||
Goodwill
|
7,568,000 | 7,568,000 | ||||||
Total
Assets
|
$ | 13,659,000 | $ | 14,234,000 | ||||
Liabilities
and Stockholders’ Deficit
|
||||||||
Current
Liabilities
|
||||||||
Short-term
borrowings
|
$ | 2,462,000 | $ | 1,566,000 | ||||
Accounts
payable
|
2,115,000 | 3,026,000 | ||||||
Accrued
compensation expenses
|
885,000 | 1,188,000 | ||||||
Accrued
expenses and other current liabilities
|
506,000 | 406,000 | ||||||
Current
portion of capitalized lease obligations
|
161,000 | 153,000 | ||||||
Deferred
revenue
|
9,885,000 | 9,589,000 | ||||||
Total
current liabilities
|
16,014,000 | 15,928,000 | ||||||
Deferred
Rent
|
157,000 | 232,000 | ||||||
Capitalized
Lease Obligations, Less Current Portion
|
88,000 | 170,000 | ||||||
Deferred
Revenue
|
6,146,000 | 5,860,000 | ||||||
Total
liabilities
|
22,405,000 | 22,190,000 | ||||||
Commitments
and Contingencies
|
||||||||
Stockholders’
Deficit
|
||||||||
Preferred
stock, $0.01 par value; 5,000,000 shares
|
||||||||
authorized;
no shares issued and outstanding
|
- | - | ||||||
Common
stock, $0.01 par value; 50,000,000 shares
|
||||||||
authorized;
14,772,367 and 14,760,052 shares issued
|
||||||||
and
outstanding at June 30, 2008 and December 31, 2007,
|
||||||||
respectively
|
148,000 | 148,000 | ||||||
Additional
paid-in capital
|
39,628,000 | 39,079,000 | ||||||
Accumulated
deficit
|
(48,522,000 | ) | (47,183,000 | ) | ||||
Total
stockholders’ deficit
|
(8,746,000 | ) | (7,956,000 | ) | ||||
Total
Liabilities and Stockholders’ Deficit
|
$ | 13,659,000 | $ | 14,234,000 |
Three
months ended June 30,
|
Six
months ended June 30,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenues
|
||||||||||||||||
Subscription
|
$ | 3,427,000 | $ | 3,600,000 | $ | 6,731,000 | $ | 7,372,000 | ||||||||
Appliance
|
1,161,000 | 882,000 | 1,762,000 | 1,627,000 | ||||||||||||
License
|
12,000 | 559,000 | 16,000 | 1,415,000 | ||||||||||||
Total
Revenues
|
4,600,000 | 5,041,000 | 8,509,000 | 10,414,000 | ||||||||||||
Cost
of Revenues
|
||||||||||||||||
Subscription
|
557,000 | 1,023,000 | 1,113,000 | 2,099,000 | ||||||||||||
Appliance
|
811,000 | 779,000 | 1,236,000 | 1,337,000 | ||||||||||||
License
|
4,000 | 18,000 | 5,000 | 50,000 | ||||||||||||
Total
Cost of Revenues
|
1,372,000 | 1,820,000 | 2,354,000 | 3,486,000 | ||||||||||||
Gross
Profit
|
3,228,000 | 3,221,000 | 6,155,000 | 6,928,000 | ||||||||||||
Sales
and marketing expenses
|
2,065,000 | 3,414,000 | 3,881,000 | 7,474,000 | ||||||||||||
Research
and development expenses
|
746,000 | 1,789,000 | 1,499,000 | 3,647,000 | ||||||||||||
General
and administrative expenses
|
1,377,000 | 2,441,000 | 2,575,000 | 4,870,000 | ||||||||||||
Total
Operating Expenses
|
4,188,000 | 7,644,000 | 7,955,000 | 15,991,000 | ||||||||||||
Loss
from Operations
|
(960,000 | ) | (4,423,000 | ) | (1,800,000 | ) | (9,063,000 | ) | ||||||||
Other
(Income) Expense
|
||||||||||||||||
Interest
expense - net
|
157,000 | 59,000 | 300,000 | 72,000 | ||||||||||||
(Gain)
loss on sale of assets
|
- | 251,000 | (320,000 | ) | (3,463,000 | ) | ||||||||||
Other
income
|
(180,000 | ) | - | (444,000 | ) | (9,000 | ) | |||||||||
Total
Other (Income) Expense
|
(23,000 | ) | 310,000 | (464,000 | ) | (3,400,000 | ) | |||||||||
Loss
Before Income Taxes
|
(937,000 | ) | (4,733,000 | ) | (1,336,000 | ) | (5,663,000 | ) | ||||||||
Income
tax expense
|
3,000 | - | 3,000 | 4,000 | ||||||||||||
Net
Loss
|
$ | (940,000 | ) | $ | (4,733,000 | ) | $ | (1,339,000 | ) | $ | (5,667,000 | ) | ||||
Net
Loss Per Common Share - Basic and Diluted
|
$ | (0.06 | ) | $ | (0.32 | ) | $ | (0.09 | ) | $ | (0.38 | ) | ||||
Weighted
Average Shares Outstanding - Basic and Diluted
|
14,772,367 | 14,764,512 | 14,772,096 | 14,779,434 |
Additional
|
||||||||||||||||||||
Common Stock
|
Paid-in
|
Accumulated
|
||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Balance
at December 31, 2007
|
14,760,052 | $ | 148,000 | $ | 39,079,000 | $ | (47,183,000 | ) | $ | (7,956,000 | ) | |||||||||
Common
stock issued under the employee stock purchase plan
|
12,315 | - | 6,000 | - | 6,000 | |||||||||||||||
Stock-based
compensation expense
|
- | - | 334,000 | - | 334,000 | |||||||||||||||
Value
of warrants issued
|
- | - | 209,000 | - | 209,000 | |||||||||||||||
Net
loss
|
- | - | - | (1,339,000 | ) | (1,339,000 | ) | |||||||||||||
Balance
at June 30, 2008
|
14,772,367 | $ | 148,000 | $ | 39,628,000 | $ | (48,522,000 | ) | $ | (8,746,000 | ) |
Six
months ended June 30,
|
||||||||
2008
|
2007
|
|||||||
Cash
Flows From Operating Activities
|
||||||||
Net
loss
|
$ | (1,339,000 | ) | $ | (5,667,000 | ) | ||
Adjustments
to reconcile net loss to net cash
|
||||||||
used
in operating activities:
|
||||||||
Depreciation
and amortization
|
321,000 | 740,000 | ||||||
Allowance
for doubtful accounts
|
11,000 | (32,000 | ) | |||||
Gain
on sale of assets
|
(320,000 | ) | (3,463,000 | ) | ||||
Stock-based
compensation expense
|
334,000 | 581,000 | ||||||
Increase
(decrease) in cash resulting from changes in:
|
||||||||
Accounts
receivable
|
(525,000 | ) | (92,000 | ) | ||||
Inventories
|
(187,000 | ) | 4,000 | |||||
Prepaid
expenses and other assets
|
38,000 | (24,000 | ) | |||||
Accounts
payable
|
(911,000 | ) | (564,000 | ) | ||||
Accrued
expenses and other current liabilities
|
(242,000 | ) | 72,000 | |||||
Deferred
rent
|
51,000 | - | ||||||
Deferred
revenue
|
582,000 | 1,031,000 | ||||||
Net
cash used in operating activities
|
(2,065,000 | ) | (7,412,000 | ) | ||||
Cash
Flows From Investing Activities
|
||||||||
Additional
costs related to purchase of business
|
- | (83,000 | ) | |||||
Purchases
of fixed assets
|
(4,000 | ) | (231,000 | ) | ||||
Proceeds
from the sale of assets
|
320,000 | 1,200,000 | ||||||
Net
cash provided by investing activities
|
316,000 | 886,000 | ||||||
Cash
Flows From Financing Activities
|
||||||||
Proceeds
from stock option and warrant exercises
|
- | 30,000 | ||||||
Proceeds
from the sales of stock under the employee stock purchase
plan
|
6,000 | - | ||||||
Principal
payments on capitalized lease obligations
|
(74,000 | ) | (51,000 | ) | ||||
Net
increase in short-term borrowings
|
896,000 | 2,042,000 | ||||||
Net
cash provided by financing activities
|
828,000 | 2,021,000 | ||||||
Net
Decrease in Cash and Cash Equivalents
|
(921,000 | ) | (4,505,000 | ) | ||||
Cash
and Cash Equivalents at Beginning of Period
|
1,297,000 | 4,842,000 | ||||||
Cash
and Cash Equivalents at End of Period
|
$ | 376,000 | $ | 337,000 | ||||
Supplemental
Disclosures of Cash Flow Information:
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 190,000 | $ | 125,000 | ||||
Income
taxes
|
$ | - | $ | 2,000 |
Six
Months Ended
|
Six
Months Ended
|
||||||||
June
30, 2008
|
June
30, 2007
|
||||||||
Average
expected life (years)
|
6.5 | 6.5 | |||||||
Average
expected volatility factor
|
73.3 | % | 74.0 | % | |||||
Average
risk-free interest rate
|
3.8 | % | 4.8 | % | |||||
Average
expected dividend yield
|
0 | 0 |
|
Number
of
Shares
Outstanding
|
Weighted
Average
Exercise
Price
|
||||
Options
outstanding at December 31, 2007
|
|
2,074,861
|
$
|
1.77
|
||
Granted
|
|
472,000
|
$
|
0.58
|
||
Exercised
|
|
—
|
$
|
—
|
||
Forfeited
|
|
(509,857
|
)
|
$
|
1.64
|
|
Options
outstanding at June 30, 2008
|
|
2,037,004
|
$
|
1.60
|
Range of
Exercise
Prices
|
Number
of
Shares
Outstanding
|
Weighted
Average
Remaining
Contractual
Life in Years
|
Weighted
Average
Exercise
Price
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
|||||||||
$ |
0.36
|
to
$0.54
|
52,500
|
9.69
|
$
|
0.52
|
—
|
$
|
—
|
|||||
$ |
0.57
|
to
$0.57
|
375,000
|
9.41
|
$
|
0.57
|
—
|
$
|
—
|
|||||
$ |
0.58
|
to
$0.58
|
3,000
|
9.76
|
$
|
0.58
|
—
|
$
|
—
|
|||||
$ |
0.59
|
to
$0.59
|
331,977
|
8.81
|
$
|
0.59
|
35,977
|
$
|
0.59
|
|||||
$ |
0.60
|
to
$1.80
|
192,728
|
6.77
|
$
|
1.03
|
133,856
|
$
|
1.04
|
|||||
$ |
1.90
|
to
$1.90
|
275,000
|
8.47
|
$
|
1.90
|
136,812
|
$
|
1.90
|
|||||
$ |
1.95
|
to
$1.95
|
552,347
|
8.02
|
$
|
1.95
|
204,912
|
$
|
1.95
|
|||||
$ |
3.71
|
to
$3.71
|
177,666
|
6.94
|
$
|
3.71
|
114,852
|
$
|
3.71
|
|||||
$ |
4.75
|
to
$4.75
|
60,000
|
1.54
|
$
|
4.75
|
60,000
|
$
|
4.75
|
|||||
$ |
5.20
|
to
$5.20
|
16,786
|
4.10
|
$
|
5.20
|
16,786
|
$
|
5.20
|
|||||
$ |
0.36
|
to
$5.20
|
2,037,004
|
8.08
|
$
|
1.60
|
703,195
|
$
|
2.30
|
|
•
|
revenue
recognition;
|
|
•
|
warranty
liability;
|
|
•
|
allowance
for doubtful accounts;
|
|
•
|
impairment
of goodwill and long-lived assets;
|
|
•
|
accounting
for income taxes; and
|
|
•
|
accounting
for stock options.
|
For
the
|
||||||||||||
Three
Months Ended
|
||||||||||||
June
30,
|
||||||||||||
2008
|
2007
|
% Change
|
||||||||||
Total
revenues
|
$ | 4.6 | $ | 5.0 | (8.0% | ) |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Subscription
revenues
|
$ | 3.4 | $ | 3.6 | (5.6% | ) | |||||||
As
a percentage of revenues
|
73.9 | % | 72.0 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Appliance
revenues
|
$ | 1.2 | $ | 0.9 | 33.3% | ||||||||
As
a percentage of revenues
|
26.1 | % | 18.0 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
License
revenues
|
$ | 0.0 | $ | 0.6 | (100.0% | ) | |||||||
As
a percentage of revenues
|
0.0 | % | 12.0 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
cost of revenues
|
$ | 1.4 | $ | 1.8 | (22.2% | ) | |||||||
Gross
margin percent
|
69.6 | % | 64.0 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
cost of subscription revenues
|
$ | 0.6 | $ | 1.0 | (40.0% | ) | |||||||
Gross
margin percent
|
82.4 | % | 72.2 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
cost of appliance revenues
|
$ | 0.8 | $ | 0.8 | 0.0% | ||||||||
Gross
margin percent
|
33.3 | % | 11.1 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
sales and marketing
|
$ | 2.1 | $ | 3.4 | (38.2% | ) | |||||||
As
a percentage of revenues
|
45.7 | % | 68.0 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
research and development
|
$ | 0.8 | $ | 1.8 | (55.6% | ) | |||||||
As
a percentage of revenues
|
17.4 | % | 36.0 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
general and administrative
|
$ | 1.4 | $ | 2.4 | (41.7% | ) | |||||||
As
a percentage of revenues
|
30.4 | % | 48.0 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
interest and other income, net
|
$ | 0.0 | $ | (0.1 | ) | 100.0% | |||||||
As
a percentage of revenues
|
0.0 | % | 2.0 | % |
For
the
|
|||||||||||||
Three
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Gain
on sale of assets
|
$ | 0.0 | $ | 0.3 | (100.0% | ) | |||||||
As
a percentage of revenues
|
0.0 | % | 6.0 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
revenues
|
$ | 8.5 | $ | 10.4 | (18.3% | ) |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Subscription
revenues
|
$ | 6.7 | $ | 7.4 | (9.5% | ) | |||||||
As
a percentage of revenues
|
78.8 | % | 71.2 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Appliance
revenues
|
$ | 1.8 | $ | 1.6 | 12.5% | ||||||||
As
a percentage of revenues
|
21.2 | % | 15.4 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
License
revenues
|
$ | 0.0 | $ | 1.4 | (100.0% | ) | |||||||
As
a percentage of revenues
|
0.0 | % | 13.5 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
cost of revenues
|
$ | 2.4 | $ | 3.5 | (31.4% | ) | |||||||
Gross
margin percent
|
71.8 | % | 66.3 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
cost of subscription revenues
|
$ | 1.1 | $ | 2.1 | (47.6% | ) | |||||||
Gross
margin percent
|
83.6 | % | 71.6 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
cost of appliance revenues
|
$ | 1.2 | $ | 1.3 | (7.7% | ) | |||||||
Gross
margin percent
|
33.3 | % | 18.8 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
sales and marketing
|
$ | 3.9 | $ | 7.5 | (48.0% | ) | |||||||
As
a percentage of revenues
|
45.9 | % | 72.1 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
research and development
|
$ | 1.5 | $ | 3.6 | (58.3% | ) | |||||||
As
a percentage of revenues
|
17.6 | % | 34.6 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
general and administrative
|
$ | 2.6 | $ | 4.9 | (46.9% | ) | |||||||
As
a percentage of revenues
|
30.6 | % | 47.1 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Total
interest and other income, net
|
$ | 0.1 | $ | (0.1 | ) | 200.0% | |||||||
As
a percentage of revenues
|
1.2 | % | 1.0 | % |
For
the
|
|||||||||||||
Six
Months Ended
|
|||||||||||||
June
30,
|
|||||||||||||
2008
|
2007
|
% Change
|
|||||||||||
Gain
on sale of assets
|
$ | 0.3 | $ | 3.5 | (91.4% | ) | |||||||
As
a percentage of revenues
|
3.5 | % | 33.7 | % |
●
|
diversion of management’s attention; |
●
|
difficulty
in integrating and absorbing the acquired business and its employees,
corporate culture, managerial systems and processes, technology, products
and services;
|
●
|
failure to retain key personnel and employee turnover; |
●
|
challenges in retaining customers of the acquired business, and customer dissatisfaction or performance problems with the acquired firm; |
●
|
developing products or services that meet our customers’ needs; |
●
|
assumption of unknown liabilities; |
●
|
dilutive issuances of securities or use of debt or limited cash; |
●
|
incremental
amortization expenses related to acquired intangible assets, as well as
potential future impairment charges to goodwill or intangible assets;
and
|
●
|
other unanticipated events or circumstances. |
Number of Shares
|
||||||||
Name of Director Elected
|
For
|
Withheld
|
||||||
Humphrey
Polanen
|
9,588,691 | 1,463,295 | ||||||
Scott
Broomfield
|
9,588,691 | 1,463,295 | ||||||
Bart
A.M. van Hedel
|
9,588,691 | 1,463,295 | ||||||
Louis
Ryan
|
9,588,691 | 1,463,295 | ||||||
Vince
Rossi
|
9,586,013 | 1,465,973 |
For
|
10,828,816
|
|
Against
|
67,531
|
|
Abstain
|
155,639
|
3.1
|
|
Amended
and Restated Certificate of Incorporation of St. Bernard Software, Inc.
(formerly known as Sand Hill IT Security Acquisition Corp.) (incorporated
herein by reference to Exhibit 3.1.1 to the Company’s Registration
Statement on Form S-4 initially filed with the Securities and Exchange
Commission on December 16, 2005).
|
3.2
|
|
Amended
and Restated Bylaws of St. Bernard Software, Inc. (formerly known as Sand
Hill IT Security Acquisition Corp.) (incorporated herein by reference to
Exhibit 3.1 to the Company’s Current Report on Form 8-K initially filed
with the Securities and Exchange Commission on April 5,
2007)
|
4.1
|
|
Specimen
Unit Certificate of St. Bernard Software, Inc. (formerly known as Sand
Hill IT Security Acquisition Corp.) (incorporated herein by reference to
Exhibit 4.1 to the Company’s Amendment No. 2 to the Registration
Statement on Form S-1 (File No. 333-114861) filed with the Securities and
Exchange Commission on June 23, 2004).
|
4.2
|
|
Specimen
Common Stock Certificate of St. Bernard Software, Inc. (formerly known as
Sand Hill IT Security Acquisition Corp.) (incorporated herein by reference
to Exhibit 4.2 to the Company’s Annual Report on Form 10-KSB filed with
the Securities and Exchange Commission on March 20,
2008).
|
4.3
|
|
Specimen
Warrant Certificate of St. Bernard Software, Inc. (formerly known as Sand
Hill IT Security Acquisition Corp.) (incorporated herein by reference to
Exhibit 4.3 to the Company’s Amendment No. 2 to the Registration Statement
on Form S-1 (File No. 333-114861) filed with the Securities and Exchange
Commission on June 23, 2004).
|
4.4
|
|
Unit
Purchase Option No. UPO-2 dated July 30, 2004, granted to Newbridge
Securities Corporation (incorporated herein by reference to Exhibit 4.4.1
to the Company’s Annual Report on Form 10-KSB filed with the Securities
and Exchange Commission on March 31, 2005).
|
4.5
|
|
Unit
Purchase Option No. UPO-3 dated July 30, 2004, granted to James E.
Hosch (incorporated herein by reference to Exhibit 4.4.2 to the Company’s
Annual Report on Form 10-KSB filed with the Securities and Exchange
Commission on March 31, 2005).
|
4.6
|
|
Unit
Purchase Option No. UPO-4 dated July 30, 2004, granted to Maxim Group, LLC
(incorporated herein by reference to Exhibit 4.4.3 to the Company’s Annual
Report on Form 10-KSB filed with the Securities and Exchange Commission on
March 31, 2005).
|
4.7
|
|
Unit
Purchase Option No. UPO-5 dated July 30, 2004, granted to Broadband
Capital Management, LLC (incorporated herein by reference to Exhibit 4.4.4
to the Company’s Annual Report on Form 10-KSB filed with the Securities
and Exchange Commission on March 31, 2005).
|
4.8
|
|
Unit
Purchase Option No. UPO-6 dated July 30, 2004, granted to I-Bankers
Securities Incorporated (incorporated herein by reference to Exhibit 4.4.5
to the Company’s Annual Report on Form 10-KSB filed with the Securities
and Exchange Commission on March 31, 2005).
|
4.9
|
Warrant
issued by St. Bernard Software, Inc. on May 16, 2007 to Silicon Valley
Bank (incorporated herein by reference to Exhibit 4.1 to the Company’s
Current Report on Form 8-K filed with the Securities and Exchange
Commission on May 23, 2007).
|
|
4.10
|
Warrant
issued by St. Bernard Software, Inc. on January 25, 2008 to Agility
Capital, LLC (incorporated herein by reference to Exhibit 4.1 to the
Company’s Current Report on Form 8-K filed with the Securities and
Exchange Commission on January 31, 2008).
|
|
4.11
|
Warrant
issued by St. Bernard Software, Inc. on January 25, 2008 to Silicon Valley
Bank (incorporated herein by reference to Exhibit 4.2 to the Company’s
Current Report on Form 8-K filed with the Securities and Exchange
Commission on January 31, 2008).
|
10.1*
|
|
St.
Bernard Software, Inc. 2008 Variable (Bonus) Compensation Plan
(incorporated herein by reference to the Company’s Current Report on Form
8-K filed with the Securities and Exchange Commission on April 28,
2008).
|
31.1
|
|
Certification
of Chief Executive Officer and Acting Chief Financial Officer Pursuant to
Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act
of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002.
|
32.1
|
|
Certification
of Chief Executive Officer and Acting Chief Financial Officer Pursuant to
18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002.
|
*
|
Management
contract or compensatory plan or
arrangement
|
ST.
BERNARD SOFTWARE, INC.
|
||
Date: August
12, 2008
|
By:
|
/s/
Vincent
Rossi
|
Vincent Rossi
Chief Executive Officer
Acting Chief Financial Officer
|