None of our employees is represented by a collective bargaining agreement, nor have we experienced any work stoppage. These provisions, summarized below, are expected to discourage types of coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to first negotiate with us. Purchases of computer equipment represent the largest component of our capital expenditures. As of December 31 of each year, we will increase the number of shares we reserve for issuance under the Stock Purchase Plan automatically by 2% of the total number of shares of our common stock then outstanding or, if less, 300,000 shares. We believe that period-to-period comparisons of our operating results are not meaningful, and you should not rely on them as indicative of our future performance. Our standard maintenance agreement gives customers access to new software releases and related technical support.
From March 1997 until October 1997, Mr. Although we believe that our solution competes favorably with respect to these factors, our market is relatively new and is developing rapidly. . The address of our executive officers, directors and director-nominee is in care of Centra Software, Inc. Series A and series B preferred stockholders have participation rights that allow them to receive a cash payment equal to 150% of their original investment upon redemption, liquidation, and automatic conversion plus the common shares into which the series A and the series B preferred stock converts. Immediately after this offering, the compensation committee will consist of Richard D'Amore, Jonathan Flint and David Barrett. Our solution integrates voice conferencing, synchronized multimedia and a user interface optimized for interpersonal interaction delivered through a Web browser.
Many of the business interactions supported by our products and services are critical to our customers' businesses. Any of these actions may seriously harm our business and operating results. Principal payments are due in 36 equal monthly installments through September 30, 2002, and all borrowings are secured by substantially all of our assets. The flexibility… 2053 Words 8 Pages 1. There are no limits on the exercise price of nonqualified options granted under the 1999 plan. Our products are reliable and easy to use, and are able to handle many concurrent users. From incorporation in April 1995 through June 1997, Centra was in the development stage, engaged primarily in development of its initial products.
This accretion will have a significant adverse impact on net income loss attributable to common stockholders and basic and diluted net income loss per share in the period in which the conversion occurs. The right to purchase common stock under the Stock Purchase Plan is made available through a series of offerings. You should refer to the registration statement and its exhibits for additional information. Companies can integrate Centra 99 with other core business systems such as e-commerce, customer relationship management, enterprise resource planning, and knowledge and learning management systems. April 18, 1983 Note on Financial Forecasting An important task of the manager or analyst is that of financial forecasting.
Flint disclaims beneficial ownership of all of the shares held by Alta V Limited Partnership, except to the extent of his pecuniary interest, if any. The stock purchase plan is administered by the compensation committee of the board of directors. We anticipate that revenues from Centra 99 products and related services will continue to constitute substantially all of our revenues for the foreseeable future. In addition, we offer our customers hosting services to outsource the administration of their live eBusiness collaboration operations. In addition to the four they list, I've personally had experience with GoToMeeting and GoToWebinar, Elluminate, Centra and Interwise.
The underwriters may exercise the option only to cover over-allotments made in connection with the sale of the shares of common stock offered by this prospectus. We currently use a registered investment manager to place our investments in highly liquid money market accounts and short-term investments. For those that know me all three of them know that I am pretty passionate about the power of the Internet being its ability to connect people to people, not people to content. The increase related primarily to an increase in maintenance support contracts and consulting services sold to new customers. While the telephone offers broad accessibility and live interaction, it supports only voice communication and lacks support for other critical elements of effective business collaboration, such as shared workspaces and the ability to share control of, and access to, software applications. If we were to discover that any of our products violated third-party proprietary rights, there can be no assurance that we would be able to reengineer the product or to obtain a license on commercially reasonable terms, if at all, to continue offering the product without substantial reengineering.
Physicians need to be physically present on campus only for four one-week sessions during the year. In addition, product development is inherently uncertain in a rapidly developing technology environment in which there may be numerous patent applications pending, many of which are confidential when filed, with regard to similar technologies. Each executive officer serves at the discretion of the board of directors and holds office until his successor is elected and qualified or until his earlier resignation or removal. This dynamic actively enables and encourages our users to expose other potential users to the value of our solution. Our support team helps resolve technical inquiries and is available over the Web and by telephone, e-mail and fax. As of September 30, 1999, 912,290 shares of common stock were vested and 1,144,309 shares of common stock are subject to repurchase rights.
In addition, we may face conflicts among our sales force and channel partners. The increase in license revenues reflected a full year of sales in 1998, the release of a new product version in October 1997 and the expansion of the direct sales force in 1998. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority. We were in compliance with these financial covenants as of September 30, 1999. We cannot assure you that we will successfully address the risks and challenges that face us. Bay Networks, which was subsequently acquired by Nortel Networks, accounted for 11% of total revenues for 1998.
Johnson, dated May 27, 1999 d Steven Lesser, dated May 27, 1999 e Anthony Mark, dated April 25, 1997 f Leon Navickas, dated March 10, 1997 g Leon Navickas, dated May 8, 1997 10. Our revenues may suffer if potential customers delay the purchase of our products and services until after January 1, 2000. With our solution, experts are no longer limited to interacting in a particular geographic area or constrained by the need to travel. As always, great stuff found in the eLearning world in September. « Starbucks to Shutdown for Training. Advances under the amended line were permitted through September 30, 1999. The system is built upon and leverages Internet standards and widely used platform technologies from Microsoft.
The limited liability and indemnification provisions in our certificate of incorporation, by-laws and indemnification agreements may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty and may reduce the likelihood of derivative litigation against our directors and officers, even though a derivative action, if successful, might otherwise benefit us and our stockholders. These increases have primarily been due to increased acceptance of our products, the expansion of our sales force and increased service revenues as our installed customer base has grown. We expect that general and administrative expenses will continue to increase in absolute dollars, as we continue to add personnel to support our expanding operations, incur additional costs related to the growth of our business, and assume the responsibilities and the costs associated with becoming a public company. It is possible that in the future third parties may claim that we or our current or potential future products infringe their intellectual property. Look to your left and look to your right; easily one of those will not be around in six months.